E-Z-GO 2001 Annual Report Download - page 5

Textron Annual Report 3
In m any w ays, 2001 w as the m ost challenging chapter in Textron’s 80-year history. The
U.S. economy entered its first recession since 1991, and the im pact of the w eakening economy
was evident in the results of many global corporations. At Textron, these events, compounded
by operational issues at several of our business units, resulted in a disappointing year.
Despite these challenges, we took decisive steps to advance the strategic fram ework
we outlined in last year’s report and are actively transforming our company into a netw orked
enterprise of globally strong businesses and pow erful brands in attractive industries. Our
businesses also im plemented operational improvem ents, cost reductions, and new product
innovations. Notable achievements of 2001 included:
Bell Helicopter continued to develop its V-22 tiltrotor program , with nine aircraft scheduled for
production and a “ return to flight” in 2002.
Cessna Aircraft delivered a record 313 business jets, exceeding the previous record by
59 aircraft. Also, reinforcing its strategy to expand aftermarket revenues, Cessna broke ground
on two new Citation Service Centers, including the world’s largest business jet service facility.
Kautex continued to penetrate the growing Asian market, initiating trial production in its joint
venture operation in Hiroshim a in preparation for volum e supply of fuel system s to M azda.
Kautex also won business w ith General M otors in Shanghai.
Textron Fastening Systems (TFS) initiated 38 restructuring projects that resulted in savings of
$29 million. TFS also finished the year with a $136 million reduction in w orking capital and
cash flow of $201 million.
Textron Financial Corporation achieved industry-leading performance with its 23rd consecutive
year of earnings grow th.
Textron Golf, Turf & Specialty Products signed an exclusive, multi-year agreement with
Meadowbrook Golf, the third largest golf course management com pany. As the clear industry
leader, we hold exclusive agreem ents w ith eight of the top ten golf course management
com panies in the w orld.
Textron Systems’ sophisticated military solutions were widely deployed in Operation Enduring
Freedom, resulting in increased demand from the U.S. m ilitary as w ell as growing interest from
our allies.
Customers Always Come First
At the very heart of Textron’s transformation is our continued – indeed heightened – com mitment
to our custom ers. Each and every Textron business is intensely focused on activities that deliver
real value to customers – premier service and support, innovative products, increased quality,
fully integrated solutions, and more. Our ability to deliver enhanced value to custom ers, and
ultimately com pelling growth to our shareholders, calls for a change in Textron’s basic DNA:
who we are, what we ow n, w hat w e do with it, and how we m easure our success. Paving the
way for this change, w e’re initially focusing on our “ Four Rs” : Restructuring, Reconfiguring,
Reengineering, and ROIC (Return on Invested Capital). These actions will provide the foundation
for long-term growth and success in the future.
To Our Shareowners, Employees and Customers:
2001 was a challenging year. It was also a year
marked by decisive, strategic steps forward.