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To Our Shareowners, Employees and Customers:
2002 was a year of action and results for Textron – a year in which we continued to strengthen our businesses, permanently driving out costs while shaping a more customer-focused culture. The company-wide transformation strategy we launched in 2000 is yielding tangible benefits. While having a sound strategy is important, success requires disciplined execution – getting it done. And we are.
We advanced our plan to become a networked enterprise of globally strong businesses and powerful brands in attractive industries. We realized this progress despite adverse market conditions – one of the most prolonged economic downturns of recent decades. More importantly, the actions we took in 2002 are delivering improved returns to shareholders while setting the stage for the future growth of our businesses.
Transformation is working
In 2002, the transformation of Textron shifted from planning to execution. We initiated major business improvements led by talented managers across every business segment. Collectively, these changes are creating value by:
> Leveraging our company’s size and resources as never before
> Implementing common best practices to reduce costs and sharpen our customer focus
> Simplifying and streamlining our mix of businesses
> Generating and sharing innovations across the enterprise
> Improving our financial performance
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