eightk.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): June 4,
2009
TEXTRON
INC.
(Exact
name of Registrant as specified in its charter)
|
Delaware
|
|
I-5480
|
|
05-0315468
|
|
(State
of
|
|
(Commission
File Number)
|
|
(IRS
Employer
|
|
Incorporation)
|
|
|
|
Identification
Number)
|
40
Westminster Street, Providence, Rhode Island 02903
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (401) 421-2800
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange
Act (17 CFR 240.13e-4(c))
On June
4, 2009, Textron Inc.’s Cessna business unit informed its employees that
continued order cancellations and weakness in general aviation markets are
forcing further revisions to its aircraft production outlook, which will result
in additional reductions in Cessna’s workforce.
Textron
plans to update its operating and financial outlook in conjunction with its
second quarter earnings release.
Certain
statements in this Current Report on Form 8-K and other oral and written
statements made by us from time to time are forward-looking statements,
including those that discuss strategies, goals, outlook or other non-historical
matters, or project revenues, income, returns or other financial measures. These
forward-looking statements speak only as of the date on which they are made, and
we undertake no obligation to update or revise any forward-looking statements.
These forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially from those contained in the
statements, including the risk factors contained in our Annual Report on Form
10-K and our latest Quarterly Report on Form 10-Q and the following: (a) changes
in worldwide economic and political conditions that impact demand for our
products, interest rates and foreign exchange rates; (b) the interruption of
production at our facilities or our customers or suppliers; (c) performance
issues with key suppliers, subcontractors and business partners; (d) our ability
to perform as anticipated and to control costs under contracts with the U.S.
Government; (e) the U.S. Government’s ability to unilaterally modify or
terminate its contracts with us for the U.S. Government’s convenience or for our
failure to perform, to change applicable procurement and accounting policies,
and, under certain circumstances, to suspend or debar us as a contractor
eligible to receive future contract awards; (f) changing priorities or
reductions in the U.S. Government defense budget, including those related to
Operation Iraqi Freedom, Operation Enduring Freedom and the Global War on
Terrorism; (g) changes in national or international funding priorities, U.S. and
foreign military budget constraints and determinations, and government policies
on the export and import of military and commercial products; (h) legislative or
regulatory actions impacting our operations or demand for our products; (i) the
ability to control costs and successful implementation of various cost-reduction
programs, including the enterprise-wide restructuring program; (j) the timing of
new product launches and certifications of new aircraft products; (k) the
occurrence of slowdowns or downturns in customer markets in which our products
are sold or supplied or where Textron Financial Corporation (TFC) offers
financing; (l) changes in aircraft delivery schedules or cancellation or
deferrals of orders; (m) the impact of changes in tax legislation; (n) the
extent to which we are able to pass raw material price increases through to
customers or offset such price increases by reducing other costs; (o) our
ability to offset, through cost reductions, pricing pressure brought by original
equipment manufacturer customers; (p) our ability to realize full value of
receivables; (q) the availability and cost of insurance; (r) increases in
pension expenses and other postretirement employee costs; (s) TFC’s ability to
maintain portfolio credit quality and certain minimum levels of financial
performance required under its committed credit facilities and under Textron’s
support agreement with TFC; (t) TFC’s access to financing, including
securitizations, at competitive rates; (u) our ability to successfully exit from
TFC’s commercial finance business, other than the captive finance business,
including effecting an orderly liquidation or sale of certain TFC portfolios and
businesses; (v) uncertainty in estimating market value of TFC’s receivables held
for sale and reserves for TFC’s receivables to be retained; (w) uncertainty in
estimating contingent liabilities and establishing reserves to address such
contingencies; (x) risks and uncertainties related to acquisitions and
dispositions, including difficulties or unanticipated expenses in connection
with the consummation of acquisitions or dispositions, the disruption of current
plans and operations, or the failure to achieve anticipated synergies and
opportunities; (y) the efficacy of research and development investments to
develop new products; (z) the launching of significant new products or programs
which could result in unanticipated expenses; (aa) bankruptcy or other financial
problems at major suppliers or customers that could cause disruptions in our
supply chain or difficulty in collecting amounts owed by such customers; and
(bb) continued volatility and further deterioration of the capital
markets.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
|
TEXTRON
INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date: June
4, 2009
|
By:
|
/s/
Terrence O’Donnell
|
|
|
|
Terrence
O’Donnell
|
|
|
|
Executive
Vice President and General Counsel
|