2008 Strategic Decision

Textron Financial Corporation announced plans in December 2008 to exit all of its commercial finance businesses, other than that portion of the business supporting the financing of customer purchases of products manufactured by its parent company, Textron Inc.  This plan applies to approximately $7.3 billion of Textron Financial’s $10.8 billion managed receivable portfolio as of the end of the 2008 fiscal year.  

Prior to our December 2008 announcement, Textron Financial originated receivables in the following major sectors: aviation finance, asset-based lending, factoring, inventory finance or floorplan, golf mortgage, vacation interval financing, resort and hotel mortgages, and highly structured leveraged leases.  The aviation finance and golf equipment sectors primarily provide financing for Textron manufactured products.

As part of our new strategic direction, in 2009, we will be executing our plan through a combination of orderly liquidation and selected portfolio and business sales.  As part of our overall business assessment, we have classified the following for sale:

• Selected Asset-Based Lending Assets
• Marina Finance
• Selected Golf Mortgages
• Private Brands Floorplan Division
• Diversified Products Floorplan Portfolio

If you are interested in learning more about any of these assets, please contact TFC’s Corporate Development Department.