Textron moves closer to acquiring UIC

PROVIDENCE – Textron Inc. announced last week that it has acquired a total of 8,417,623 shares of common stock of United Industrial Corporation – an amount that represents roughly 85 percent of UIC’s outstanding common stock.
Textron’s purchase was a significant step in the company’s move to acquire UIC. The Providence-based manufacturer said in a news release that it plans to purchase the remaining 15 percent of the company’s stock as soon as practical, and may, if necessary, request that UIC call a shareholder meeting so the merger can be completed. The $1.1 billion buyout, announced in early November, will strengthen Textron’s work in the defense and aerospace manufacturing industry. Textron CEO Lewis B. Campbell said at the time of the announcement UIC represented a “superb strategic fit” for the company.