TXT - Textron said to be seeking sale of Kautex fuel-tanks business
2023-06-22 11:18:04 ET
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Textron ( NYSE: TXT ) is again seeking to sell a business unit that makes fuel tanks for cars and is valued at more than $1 billion, Reuters reported Thursday, citing people familiar with the matter.
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The Kautex fuel-systems business has an uncertain future as the automotive industry switches from internal combustion engines to electric motors. Textron ( TXT ), which makes Bell helicopters and Cessna planes, has focused more on its aviation business.
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The industrial conglomerate last year bought Pipistrel, a manager electric aircraft.
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Textron ( TXT ) hired JPMorgan Chase ( JPM ) to seek a buyer for Kautex, Reuters reported. Four years ago, Textron ( TXT ) had looked for a buyer for Kautex, but decided to hold onto the company.
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Textron said to be seeking sale of Kautex fuel-tanks business