Projo Biz Blog

Providence-based Textron Inc. this morning said it agreed to sell its Fluid & Power unit to U.K.-based Clyde Blowers Ltd. in a transaction valued at as much as $645 million.

Textron will receive about $526 million in cash, a six-year note with a face value of $28 million, and as much as $50 million based on final 2008 operating results primarily payable in a six- year note, according to a statement sent today by Business Wire.

Clyde Blowers will assume about $41 million in employee-benefit liabilities, the company said.

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