Textron buys inventory finance group, wins Army contracts

Textron Financial Corp., a local company held by Providence-based Textron Inc., has acquired an inventory finance unit from Stockholm, Sweden-based appliance maker AB Electrolux for an undisclosed sum, according to a statement and a spokeswoman from Textron.
Electrolux Financial Corp. will continue to operate in Columbus, Ohio and is now part of Textron Financial’s technology finance division, according to the statement.
Keith Boudreau, president of Textron’s technology finance group, said in a statement that the purchase enhances the division’s ability to provide financing to wholesalers in the consumer electronics and appliances markets. The company revealed plans last October to expand into those markets.
Tony Evans, a spokesman for Electrolux, said he does not expect the takeover to affect the some 40 employees at the inventory finance group’s Columbus office, and customers should expect no interruption in services.
In other related news, the U.S. Army has awarded a $19.5 million contract to Textron Inc.’s Textron Systems Corp. in Wilmington, Mass. to develop an intelligent munitions system. The contract came from the Army’s Tank-Automotive and Armaments Command at Picatinny Arsenal, N.J., with a delivery deadline of June 30, 2011, according to the U.S. Department of Defense.
The Army command also granted a $31.1 million contract to both Textron Systems Corp. and Alliant Techsystems Inc. in Plymouth, Minn. for the joint development of the Spider XM-7 Landmine System. Textron Systems will receive 45 percent of the contract. The expected delivery date is Nov. 30, 2007, the DOD said.