Textron Inc. has announced that it has sold the Snorkel product line of its OmniQuip business unit as well as the OmniQuip Textron Inc. holding company to Elwood Holdings, LLC. Terms were not disclosed.
The Snorkel line includes aerial work platforms and boom lifts for industrial uses such as maintenance and construction. The Snorkel product line had revenues of approximately $37 million during 2002. OmniQuip ceased US production of its Snorkel product line earlier this year.
This transaction will create a tax benefit of approximately $50 million related to the
goodwill write-off of OmniQuip Textron Inc. taken in the third quarter of 2001, at whichtime only a portion of the tax benefit was realized.
Textron is retaining the SKY TRAK and Lull telescopic material handler products line as well as the rights to the OmniQuip name. Revenues for the remaining product lines wereapproximately $220 million during 2002.
In 2001, Textron sold OmniQuip’s SCAT TRAK product line of skid steer loaders. Thesesales are part of Textron’s strategy to divest non-core assets to create a simpler, more focused network of strong businesses in attractive industries.
Textron Inc. is a $12 billion multi-industry company with more than 51,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with innovative solutions and services in industries such as aircraft, fastening systems, industrial products and components and finance. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com.