Textron Could be Forced to Sell Cessna or Bell

Textron CEO Lewis Campbell told an investment group on Tuesday that he might be forced to sell either Bell Helicopter or Cessna Aircraft to raise cash. Textron, which owns both manufacturers, has faced deep losses in its financial sectors, leading to the departure of Chief Financial Officer Ted French and the head of the Textron Finance division. According to a report in the Fort Worth Star-Telegram, Campbell said Textron needs to raise at least $1 billion within the next five months. Bell and Cessna are seen as likely candidates for sale to raise the needed cash. This is despite both subsidiaries being hard hit by the ongoing world financial crisis. Both have announced significant layoffs and production slowdowns in recent weeks due to slackening sales.

Mark Phelps is a senior editor at AVweb. He is an instrument rated private pilot and former owner of a Grumman American AA1B and a V-tail Bonanza.

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