Textron Will Sell Gorham Division
PROVIDENCE, R.I. (AP) _ Textron Inc. said Tuesday it was putting its its Gorham silverware division up for sale in a move to dispose of assets that do not fit the company’s business objectives.
Textron did not put a pricetag on the division.
B.F. Dolan, Textron chairman, president and chief executive, said the decision to sell the Gorham division follows its restructuring and ″is part of the company’s plan to sell assets that do not fit Textron’s strategic objectives.″
The division has about 525 employees and is headquartered in Johnston, R.I., with a manufacturing facility in North Smithfield, R.I., and distribution center in Williamsport, Md.
Gorham was founded in 1831 by Jabez Gorham to produce silver spoons. The company, which was acquired by Textron in 1967, manufactures sterling and stainless steel flatware, china dinnerware and lead crystal.
Textron’s main business sectors include aerospace technology, commercial products and financial services.