Acquisition Would Create Industry-Leading Range of Autonomous Air, Land and Sea Platforms
PROVIDENCE, R.I. – October 25, 2018 – The Textron Systems segment of Textron Inc. (NYSE: TXT) announced today that Textron Inc. has entered into a letter of intent to purchase Howe & Howe Technologies, Inc. of Waterboro, Maine. The combined portfolio of Textron Systems and Howe & Howe Technologies will position Textron Systems as a global leader in autonomy across the air, land and sea domains.
Howe & Howe is a leader in advanced robotic land vehicles, built and proven for the most extreme conditions in the world. The small, highly mobile Ripsaw Super Tank has been chosen by U.S. government customers for its speed, mobility and off-road performance. After a grueling 60-mile test through swamp and jungle terrains, its RS2-H1 SMET was down-selected to compete to be the U.S. Army’s first platoon load-carrying robot. Howe & Howe also built the world’s first and only purpose-built robotic firefighting solution, its Thermite firefighting robot, as well as the Bulldog line of extreme firefighting and medical transport vehicles.
Howe & Howe’s advanced robotic ground vehicle solutions and applications are a natural fit alongside Textron Systems’ decades of experience in unmanned platforms and control systems, as well as mission-proven combat vehicles. Textron Systems has delivered unmanned platforms, control systems and a full range of operations and support services for more than one million operational hours. Its combat-proven COMMANDO® land vehicles are utilized around the world under several programs of record and are known for their on- and off-road mobility, survivability and reliability.
“Howe & Howe are the original disruptors in the advanced robotic vehicle space, bringing customers the capability they need in a small, fast and mobile footprint to support their critical missions,” said Textron Systems’ President & CEO Lisa Atherton. “Textron Systems is now positioned to be a global provider of unmanned capabilities across all three domains. We are clear on the U.S. military’s vision and their future technology needs for autonomy, robotics and unmanned systems. This planned acquisition demonstrates our commitment to our U.S. military customers and an understanding of their critical work. Not just anyone can build these vehicles. Bringing together Textron Systems’ and Howe & Howe’s talent, capabilities and proven products will join two of the best, and we are excited at the idea of advancing the industry even further as one team.”
“We are extremely pleased at the possibility of joining forces with Textron and continuing to push the laws of physics in ground mobility and robotics,” said Michael D. Howe, President of Howe and Howe Technologies, Inc. “The deep experience and forward thinking of Textron Systems, coupled with the innovation and sheer competitiveness of Howe & Howe, will make for a formidable combination. We expect that the whole will be immeasurably greater than the sum of our parts and will be positioned to forge the 21st century world leader in ground robotics and mobility.”
This transaction is subject to the execution of a definitive acquisition agreement containing customary closing conditions.