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Rhode Island-based conglomerate Textron Inc. plans to clear out all remaining Series A and Series B preferred stock shares, redeeming them for cash or offering a conversion to common stock. If all shareholders choose the cash option, Textron would be paying out a total of about $4.9 million.
Textron (NYSE: TXT) officials said the Providence company plans to redeem all of the approximately 66,800 outstanding shares of its $2.08 Series A shares and the approximately 33,900 outstanding shares of its $1.40 Series B shares by January 13, 2010.
The company will offer $50 for each share of Textron’s Series A stock outstanding, and each share of Series B can be redeemed for cash at $45 per share, plus, in each case, an amount equal to accrued and unpaid dividends up to the redemption date, officials said. Both series of preferred stock remain convertible into shares of Textron common stock until the close of business on December 29, 2009.
Last week, Textron division Textron Defense Systems, in conjunction with Minnesota company Alliant Tech Systems, landed $41.1 million from the U.S. Army for networked munitions, an alternative to landmines, according to the U.S. Department of Defense.
With a reported 43,000 employees worldwide, Textron had $14.2 billion in revenue for its fiscal year ending Jan. 3, 2009, with a profit of $486 million.
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