Acquisition will strengthen company's position in the retail and distribution channels
Providence, RI - December 17, 2007 - In a strategic
move to further broaden the company's position in the voice, data and
video channel, Textron Inc.'s (NYSE: TXT) Greenlee business unit
announced today the acquisition of Paladin Tools, a provider of tools
and accessories for the telecom, datacom and wiring industries.
"Strategically, this acquisition provides Greenlee with a
complementary brand portfolio and an expanded product line," said
Scott Hall, Greenlee president. "Paladin also gives Greenlee access to
additional distribution channels in the voice, data and video industry
that will broaden our customer base for communications wiring tools."
Headquartered in Oilville, Virginia, Paladin has been steadily
growing its presence in the industry since it was founded in 1977.
Paladin's brand names include Paladin Tools(R), DataShark(R) and
PowerPlay(R), and the company's product line includes a variety of
cutters, strippers, punchdown tools, crimpers, multi-tools, testers,
kits and other hand tools and accessories for use in computer,
network, telephone, home entertainment and other communications wiring
applications. Current customers include Home Depot, Menards, Fry's,
Anixter, Tessco, Graybar, and Original Equipment Manufacturers (OEMs).
"Paladin is a strong force in the industry and will be a welcome
addition to Greenlee's Hole Making and Hand Tools value stream," said
Martha Kness, Greenlee's Hole Making & Hand Tools vice president and
general manager. "As growth within this industry is expected to
continue over the next few years driven by favorable trends in the
cable, network and communications equipment field, we look forward to
a unified strategy for meeting our customers' needs."
Greenlee currently offers a line of industry-leading tools for
datacom, telecom and fiber optic applications. The company's product
offering includes a large selection of premium installation tools,
tone generators and telephone test sets, network certification
instruments and fiber optic test equipment. In addition, Greenlee
recently launched a comprehensive new line of hand tools including
custom-designed high-quality pliers, saws, screwdrivers, wrenches,
insulated drivers, tool bags, accessories, tool kits and more.
About Greenlee
Greenlee is known as a global leader in the professional tool
category. The Rockford, Illinois-based company develops high-quality
innovative products distinguished by customer-driven design and
differentiated by supply chain excellence. Greenlee also leverages its
powerful brands such as Tempo, Fairmont, and Klauke in the electrical,
construction and maintenance markets worldwide. More information is
available at www.greenlee.com.
About Textron Inc.
Textron Inc. is an $11 billion multi-industry company operating in
32 countries with approximately 40,000 employees. The company
leverages its global network of aircraft, industrial and finance
businesses to provide customers with innovative solutions and
services. Textron is known around the world for its powerful brands
such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex,
Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron
Financial Corporation. More information is available at
www.textron.com.
