Conglomerates Sector Review: 3M Elects New CEO, Textron All About Innovation

Textron Inc. (NYSE:TXT): In presentation slides at Cowen’s conference, Textron said its investing in new product development and innovation to support growth as markets return. The slides reference the company’s “solid top-line growth outlook.”

The shares closed at $27.07, up $0.71, or 2.69%, on the day. Its market capitalization is $7.53 billion.

United Technologies Corp. (NYSE:UTX) subsidiary Hamilton Sundstrand recently completed first delivery of its Electronic Propeller Control System upgraded aircraft to the U.S. Navy Reserve. The delivery marked the first of a total order of 30 EPCS modernized aircraft. Hamilton Sundstrand was recently awarded the final delivery orders for these fleets. The combined value of this award is worth $16.5M in sales.

The shares closed at $81.74, up $1.46, or 1.82%, on the day. Its market capitalization is $74.06 billion.

3M Company (NYSE:MMM) announced that Inge G. Thulin is elected president and CEO, effective Feb. 24. He succeeds Sir George W. Buckley, chairman, president and CEO, who will retire on June 1. Thulin immediately becomes a member of 3M’s board and Buckley remains chairman of the board until the Annual Meeting of Stockholders on May 8, at which time the board intends to elect Thulin to the position of chairman. Thulin, 58, has served as chief operating officer since May 2011, with responsibility for 3M’s six business segments and International Operations. Prior to that, he was executive VP of International Operations. Under his leadership, international sales grew to nearly $20B and today represent two-thirds of 3M’s sales. Thulin also has held numerous leadership positions in Asia Pacific, Europe and Middle East and across multiple businesses.

The shares closed at $87.97, up $0.08, or 0.09%, on the day. Its market capitalization is $61.14 billion.

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