Providence-based Textron Inc. announced today that it has sold its Composite Material Products business, a unit of Textron Systems, to Specialty Materials, Inc., a subsidiary of Fiber Glass Industries of Amsterdam, New York. Composite Material Products (CMP) develops, manufactures and markets engineered materials such as continuous boron and silicon carbide filaments to the aerospace, defense, industrial and sports markets. Terms of the transaction were not disclosed.
The announcement was made in a press release distributed by Business Wire.
The sale is part of Textron’s strategy to gradually divest a number of non-core assets to create a simpler, more focused network of strong businesses in attractive industries. Other recent divestitures include Textron’s carbon products, fuel control and fuel delivery systems businesses, as well as its turbine engine components line.
