E-Z-GO 2003 Annual Report Download - page 11

Download and view the complete annual report

Please find page 11 of the 2003 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

Deal
Flow
Management
Screening
and
Evaluation
Business
Due
Diligence
Deal
Execution
Post
Merger
Integration
9
Left: We are strength-
ening our portfolio
management capabili-
ties, including
identifying, selecting,
executing and
integrating acquisitions.
This will position us for
successful M&A activity
in the future. From left,
Bernhard Heine,
Executive Director,
Strategy Development
& International; Jack
Curran, Vice President,
Mergers & Acquisitions;
Myrna Gagnon,
Executive Director,
Mergers & Acquisitions.
Finance and Human Resources. Within our IT initiative, which is furthest along, here’s what we
achieved in 2003:
Saved $34 million through infrastructure consolidation, IT procurement leverage and head-
count reductions
Connected all Textron IT network environments, enabling us to share information systems and
applications to drive business results
Created several Centers of Excellence to support enterprise-wide applications such as
PeopleSoft, SAP and product data management solutions
As a multi-industry company, our ability to maintain the right mix of businesses is critical to suc-
cess. Whether it’s acquisitions or divestitures, portfolio management is an essential component
of multi-industry leadership, and we intend to become the very best at it.
Over time, we will enhance and reshape our portfolio by divesting non-core assets and investing
in branded businesses in attractive industries with substantial long-term growth potential. By the
end of the decade, Textron will have a streamlined portfolio of leading global brands, each
generating $1 billion or more in annual revenue with returns of at least 400 basis points above
our cost of capital.
We are developing rigorous processes to support our portfolio management capability. We have
also established a comprehensive set of acquisition evaluation criteria and in 2003, applied
them to our existing portfolio and developed a strategic investment plan for each business.
In 2003, we divested our OmniQuip business, non-core portfolios from Textron Financial, our
interest in an Italian automotive joint venture and a unit of Textron Fastening Systems. Over the
past three years, we have divested approximately $2.3 billion of revenues in non-core business-
es, allowing us to allocate capital to our stronger, faster-growing businesses.