Acquisition Would Create Industry-Leading Range of Autonomous Air, Land and Sea Platforms
PROVIDENCE, R.I. – October 25, 2018 – The Textron Systems segment of Textron Inc. (NYSE: TXT) announced today that Textron Inc. has entered into a letter of intent to purchase Howe & Howe Technologies, Inc. of Waterboro, Maine. The combined portfolio of Textron Systems and Howe & Howe Technologies will position Textron Systems as a global leader in autonomy across the air, land and sea domains.
Howe & Howe is a leader in advanced robotic land vehicles, built and proven for the most extreme conditions in the world. The small, highly mobile Ripsaw Super Tank has been chosen by U.S. government customers for its speed, mobility and off-road performance. After a grueling 60-mile test through swamp and jungle terrains, its RS2-H1 SMET was down-selected to compete to be the U.S. Army’s first platoon load-carrying robot. Howe & Howe also built the world’s first and only purpose-built robotic firefighting solution, its Thermite firefighting robot, as well as the Bulldog line of extreme firefighting and medical transport vehicles.
Howe & Howe’s advanced robotic ground vehicle solutions and applications are a natural fit alongside Textron Systems’ decades of experience in unmanned platforms and control systems, as well as mission-proven combat vehicles. Textron Systems has delivered unmanned platforms, control systems and a full range of operations and support services for more than one million operational hours. Its combat-proven COMMANDO® land vehicles are utilized around the world under several programs of record and are known for their on- and off-road mobility, survivability and reliability.
“Howe & Howe are the original disruptors in the advanced robotic vehicle space, bringing customers the capability they need in a small, fast and mobile footprint to support their critical missions,” said Textron Systems’ President & CEO Lisa Atherton. “Textron Systems is now positioned to be a global provider of unmanned capabilities across all three domains. We are clear on the U.S. military’s vision and their future technology needs for autonomy, robotics and unmanned systems. This planned acquisition demonstrates our commitment to our U.S. military customers and an understanding of their critical work. Not just anyone can build these vehicles. Bringing together Textron Systems’ and Howe & Howe’s talent, capabilities and proven products will join two of the best, and we are excited at the idea of advancing the industry even further as one team.”
“We are extremely pleased at the possibility of joining forces with Textron and continuing to push the laws of physics in ground mobility and robotics,” said Michael D. Howe, President of Howe and Howe Technologies, Inc. “The deep experience and forward thinking of Textron Systems, coupled with the innovation and sheer competitiveness of Howe & Howe, will make for a formidable combination. We expect that the whole will be immeasurably greater than the sum of our parts and will be positioned to forge the 21st century world leader in ground robotics and mobility.”
This transaction is subject to the execution of a definitive acquisition agreement containing customary closing conditions.
About Textron Systems
Textron Systems is a world leader in unmanned air, surface and land products, services and support for aerospace and defense customers. Harnessing agility and a broad base of expertise, Textron Systems’ innovative businesses design, manufacture, field and support comprehensive solutions that expand customer capabilities and deliver value. For more information, visit www.textronsystems.com.
About Howe & Howe Technologies, Inc.
Forging mobility standards never before seen, world-renowned Howe & Howe Technologies based in Waterboro, Maine is a terrestrial platform development company that specializes in extreme vehicle production. Since its inception, Howe & Howe Technologies Inc. has grown to become a world leader and one of the foremost developers of advanced robotic platform solutions and applications. With a reputation for innovation, efficiency, and outstanding ethics, Howe & Howe Technologies continue to exceed expectations and push ground mobility technology. “Are we outside the box? I wasn't aware there was one.” – Michael D. Howe, President.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Textron Off Road, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information, visit: www.textron.com.
Safe Harbor Statement
Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the risk that a definitive acquisition agreement will not be entered into or that conditions to the closing will not be met; difficulty or unanticipated expenses in connection with integrating the acquired business; the risk that anticipated synergies and opportunities as a result of the acquisition will not be realized or the risk that the acquisitions does not perform as planned.
COMMANDO is a trademark of Textron Inc.
PHOTO CAPTION: Pictured left to right are Geoff and Michael Howe of Howe & Howe Technologies, along with several of their products.
Textron Systems Public Relations Team