Conglomerates Sector Review: Textron Teams Up with AVIC, GE Funds Popeyes Purchase
Textron Inc. (NYSE:TXT): Textron (NYSE:TXT) announced that Cessna Aircraft Company, a Textron company, and Aviation Industry Corporation of China are signing two strategic agreements to jointly develop general and business aviation in the People’s Republic of China. The agreements together pave the way for a range of business jets, utility single-engine turboprops and single-engine piston aircraft to be manufactured and certified in China. The first agreement between AVIC and Cessna/Textron is an overarching agreement between these companies that is intended to lead to the formation of joint ventures that will pursue various activities pertaining to the development of general aviation businesses in China, including the establishment of an aircraft service network in China. The second is a specific cooperation agreement between Cessna Aircraft Company, AVIC Aviation Techniques Co., LTD, and the Chengdu government to enter into negotiations to establish a joint venture to produce mid-size Cessna business jet models, as well as a potential new product for the business jet market.
The shares closed at $27.14, up $0.71, or 2.69%, on the day. Its market capitalization is $7.59 billion.
General Electric Company (NYSE:GE): GE Capital, Franchise Finance provided a $30M credit facility to Shelton Restaurant Group, LLC, a Popeyes Louisiana Kitchen franchisee. The financing is being used to acquire 29 Popeyes units in the Lafayette, Louisiana area. The funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.
The shares closed at $19.78, down $0.07, or 0.35%, on the day. Its market capitalization is $209.30 billion.
United Technologies Corp. (NYSE:UTX): In addition to BAE Systems (BAESY), Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT) are said to be interested in buying Esterline Technologies (NYSE:ESL), the Daily Mail reports, adding that one of these companies is about to launch a bid at a price of $95-plus per share. Thefly notes that United Technologies (NYSE:UTX) and Honeywell (NYSE:HON) have also been rumored as potential suitors for Esterline.
The shares closed at $81.80, down $0.27, or 0.33%, on the day. Its market capitalization is $74.35 billion.
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