Textron To Sell Fafnir Bearing To Ingersoll-Rand
PROVIDENCE, R.I. (AP) _ Textron Inc. announced Wednesday the sale of its Fafnir Bearing Division to Ingersoll-Rand Co. for an undisclosed price.
The sale is part of Textron’s efforts to slash its billion-dollar debt from the purchase earlier this year of Avco Corp.
Fafnir, a worldwide manufacturer of high-precision ball bearings, is headquartered in New Britain, Conn. The division employs 4,700 people at manufacturing locations in the United States, Canada and the United Kingdom.
Founded in 1911 and bought by Textron in 1968, Fafnir had 1984 sales of more than $225 million.
Ingersoll-Rand, based in Woodcliff Lake, N.J., manufactures industrial machinery and related products, including air and gas compressors and construction and mining equipment.
Fafnir was put up for sale in April. The sale to Ingersoll-Rand is expected to be completed by next month.
To reduce its debt, Textron has sold six divisions including Fafnir and offered another six for sale. Textron purchased Greenwich, Conn.-based Avco to strengthen its position among the nation’s largest defense contractors.
The sale of various divisions is designed to reduce Textron’s holdings to three major fields: aerospace-technology, commercial products and financial services.