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Textron selling Fastening Systems unit

Providence, R.I. - Industrial conglomerate Textron Inc. will sell its Fastening Systems unit to a private equity company in a $630 million cash deal.

Beverly Hills, Calif.-based Platinum Equity expects to complete its purchase of the $1.8 billion, 9,000-employee business in the third quarter of 2006, the companies announced June 1.

Textron, based in Providence, had been seeking a buyer for Textron Fastening Systems since late 2005. Textron is more widely known for its aerospace and defense businesses, which i

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