Textron to liquidate some of its financial arm

10/17/2008 | Forbes

Rhode Island-based Textron saw profits drop by 19% in the third quarter. The maker of E-Z-GO golf carts said it would liquidate part of its financing division, which provides funding for golf courses and Cessna business jets, since it had suffered from the recent credit crunch, seeing a 66% drop in revenues. "We believe the actions we are taking, combined with our government programs and aircraft backlog, position us to perform well through these difficult times," said Lewis B. Campbell, the company's chairman.

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