Reuters: Providence-based Textron may spin off divisions

January 12th, 2012 at 10:17 am by under Nesi's Notes

Only two Fortune 500 companies are headquartered in Rhode Island these days – CVS Caremark in Woonsocket (#21) and Textron in Providence (#233). I’ve written already that CVS is kicking off 2012 on a high note. Now comes word in a Reuters report that Textron is “conducting a strategic review that could include options such as spinning off parts of the aerospace and defense conglomerate.”

Despite its size, Textron’s actual presence in Rhode Island is quite small. While the company had about 32,000 employees worldwide as of last year, it isn’t even in the top 50 among Rhode Island employers, according to the EDC.

Update: ”Textron currently employees just over 300 people here in Rhode Island,” spokesman David Sylvestre told WPRI.com on Thursday.

Update #2: And speaking of CVS, the company settled a longstanding FTC investigation today for $5 million.

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2 Responses to “Reuters: Providence-based Textron may spin off divisions”

  1. ed says:

    Ted, Why would any creditable company want to be known as a Rhode Island company? CVS is Rhode Island based company and I will not do business with them. You just need to look at http://food.ri.digitalhealthdepartment.com/. You will see many of the restaurants in Rhode Island have been inspected without having soap or papertowels at the kitchen handwashing station. We don’t dine out at Rhode Island establishments because so many of the operators have no skills in running a restuarant. The only reason they operate a restaurant because they think it is easy to just cook and serve food.

  2. [...] may be #233 on the Fortune 500, but it isn’t a big employer in the state. The company has just over 300 workers here in Rhode Island these days. Tags: business, companies, cvs caremark, [...]