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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000217346-01-500007.txt : 20010627
<SEC-HEADER>0000217346-01-500007.hdr.sgml : 20010627
ACCESSION NUMBER:		0000217346-01-500007
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20001231
FILED AS OF DATE:		20010626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXTRON INC
		CENTRAL INDEX KEY:			0000217346
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		IRS NUMBER:				050315468
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		
		SEC FILE NUMBER:	001-05480
		FILM NUMBER:		1667576

	BUSINESS ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014212800

	MAIL ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN TEXTRON INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>elco.htm
<DESCRIPTION>ELCO TEXTRON INC. PROFIT SHARING AND SAVINGS PLAN
<TEXT>

<HTML>

<head>
<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
</head>

<body>

<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="CENTER"><font size="4">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p ALIGN="CENTER"><font size="4">&nbsp;WASHINGTON, D.C. 20549</font></p>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">FORM 11-K</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="697">
  <tr>
    <td WIDTH="6%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">[X]</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p>for the fiscal year ended December 31, 2000</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p>Commission File Number 1-5480</td>
  </tr>
</TABLE>
<p ALIGN="JUSTIFY">&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="697">
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">A.</td>
    <td WIDTH="89%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Full title of the plan and address of the plan:</td>
  </tr>
</TABLE>
<p ALIGN="center">&nbsp;ELCO TEXTRON INC. PROFIT SHARING<br>
AND SAVINGS PLAN</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="697">
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">B.</td>
    <td WIDTH="89%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Name of issuer of the securities held pursuant to the
      plan and address of its principal executive office:</td>
  </tr>
</TABLE>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="CENTER">TEXTRON INC.<br>
40 Westminster Street<br>
Providence, Rhode Island 02903</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="703">
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">REQUIRED INFORMATION</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><u>
      <p ALIGN="JUSTIFY">Financial Statements and Exhibit</u></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">The following Plan financial statements and schedules
      prepared in accordance with the financial reporting requirements of the
      Employee Retirement Income Security Act of 1974 are filed herewith, as
      permitted by Item 4 of Form 11-K:</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Report of Independent Auditors</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Statements of Assets Available for Benefits for each of</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">the two years ended December 31, 2000 and 1999</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Statements of Changes in Assets Available for Benefits</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">for each of the two years ended December 31, 2000 and
      1999</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Notes to financial statements</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Supplemental Schedule:</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Schedule H, Line 4i - Schedule of Assets (Held at End
      of Year)</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">The Consent of Independent Auditors is filed as an
      exhibit to this Annual Report.</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
</TABLE>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;Pursuant to
the requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this Annual
Report on Form&#160;11-K to be signed by the undersigned hereunto duly
authorized.</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="661">
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">ELCO TEXTRON INC. PROFIT HARING</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">AND SAVINGS PLAN</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">ELCO TEXTRON INC., Plan Administrator</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">By:<u> /s/Steven A. Wein</u></td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Vice President, General Counsel</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">& Secretary</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Date:&#160;&#160;June 25, 2001</td>
  </tr>
</TABLE>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">Financial Statements and Supplemental Schedule</p>
<p ALIGN="JUSTIFY">&nbsp;Elco Textron Inc. Profit Sharing and Savings Plan</p>
<p ALIGN="JUSTIFY">&nbsp;Years ended December 31, 2000 and 1999</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="CENTER">Elco Textron Inc.<br>
Profit Sharing and Savings Plan</p>
<p ALIGN="CENTER">Financial Statements and<br>
Supplemental Schedule</p>
<b>
</b>
<p ALIGN="CENTER">Years ended December 31, 2000 and 1999</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<b>
<p ALIGN="CENTER">Contents</p>
</b>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">Report of Independent Auditors.................................................................................................................
1</p>
<p ALIGN="JUSTIFY">&nbsp;Financial Statements</p>
<p ALIGN="JUSTIFY">&nbsp;Statements of Assets Available for Benefits...............................................................................................
2<br>
Statements of Changes in Assets Available for Benefits..............................................................................
3<br>
Notes to Financial Statements...................................................................................................................
4</p>
<p ALIGN="JUSTIFY">&nbsp;Supplemental Schedule</p>
<p ALIGN="JUSTIFY">&nbsp;Schedule H, Line 4i, Schedule of Assets (Held at End of Year)................................................................
8</p>
<p ALIGN="CENTER"><font size="4">Report of Independent Auditors</font></p>
<p ALIGN="JUSTIFY">Administrative Committee<br>
Elco Textron Inc. Profit Sharing and Savings Plan</p>
<p ALIGN="JUSTIFY">&nbsp;We have audited the accompanying statements of assets
available for benefits of the Elco Textron Inc. Profit Sharing and Savings Plan
as of December 31, 2000 and 1999, and the related statements of changes in
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan&#39;s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.</p>
<p ALIGN="JUSTIFY">&nbsp;We conducted our audits in accordance with auditing standards
generally accepted in the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.</p>
<p ALIGN="JUSTIFY">In our opinion, the financial statements referred to above
present fairly, in all material respects, the assets available for benefits of
the Plan at December 31, 2000 and 1999, and the changes in its assets available
for benefits for the years then ended, in conformity with accounting principles
generally accepted in the United States.</p>
<p ALIGN="JUSTIFY">Our audits were performed for the purpose of forming an
opinion on the financial statements taken as a whole. The accompanying
supplemental schedule of assets (held at end of year) as of December 31, 2000,
is presented for purposes of additional analysis and is not a required part of
the financial statements, but is supplementary information required by the
Department of Labor&#39;s Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The supplemental
schedule is the responsibility of the Plan&#39;s management. The
supplemental schedule has been subjected to the auditing procedures applied in
our audits of the financial statements and, in our opinion, is fairly stated in
all material respects in relation to the financial statements taken as a whole.</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="41%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">ERNST & YOUNG LLP</td>
  </tr>
</TABLE>
<p ALIGN="JUSTIFY">May 4, 2001</p>
<p ALIGN="right">1</p>
<p ALIGN="CENTER"><font size="4">Elco Textron Inc.<br>
Profit Sharing and Savings Plan</font></p>
<p ALIGN="CENTER"><font size="4">Statements of Assets Available for Benefits</font></p>
<table CELLSPACING="1" WIDTH="684">
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="38%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">December 31</b></td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2000</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">1999</b></td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP"><b>
      <p>Assets</b></td>
    <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Investments, at fair value</td>
    <td WIDTH="20%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75,447,670</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; $89,670,583</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Due from broker</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#45;</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      143,609</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Assets available for benefits</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75,447,670</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; $89,814,192</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
</TABLE>
<i>
<p>See accompanying notes.</p>
</i>
<p align="right">2</p>
<p ALIGN="CENTER"><font size="4">Elco Textron Inc.<br>
Profit Sharing and Savings Plan</font></p>
<p ALIGN="CENTER"><font size="4">Statements of Changes in Assets Available for Benefits</font></p>
<table CELLSPACING="1" WIDTH="684">
  <tr>
    <td WIDTH="59%" VALIGN="TOP"></td>
    <td WIDTH="38%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">Year ended December 31</b></td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2000</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">1999</b></td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Additions:</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&#160;&#160;Investment income:</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;Net depreciation in fair value
      of investments</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; $(10,505,644)</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; $ (2,277,259)</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;Interest and dividends</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,367,499</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,140,106</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Total additions (deductions)</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,138,145)</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,862,847</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Deductions:</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;Benefits paid to participants</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,226,170</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,388,017</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;Administrative expenses</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,207</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,181</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Total deductions</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,228,377</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,390,198</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Net decrease</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,366,522)</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,527,351)</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Assets available for benefits at beginning of year</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,814,192</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; 92,341,543</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="59%" VALIGN="TOP">
      <p>Assets available for benefits at end of year</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; $ 75,447,670</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp; $ 89,814,192</td>
    <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
  </tr>
</TABLE>
<i>
<p ALIGN="JUSTIFY">See accompanying notes.</p>
</i>
<p ALIGN="right">3</p>
<p ALIGN="CENTER"><font size="4">Elco Textron Inc.<br>
Profit Sharing and Savings Plan</font></p>
<p ALIGN="CENTER"><font size="4">Notes to Financial Statements</font></p>
<p ALIGN="CENTER"><font size="4">Years ended December 31, 2000 and 1999</font></p>
<b>
<p ALIGN="JUSTIFY">1. Description of the Plan</p>
</b>
<p ALIGN="JUSTIFY">&nbsp;The following description of the Elco Textron Inc. Profit
Sharing and Savings Plan (Plan) provides only general information. Participants
should refer to the Summary Plan Description and Plan document for a more
complete description of the Plan.</p>
<b>
<p ALIGN="JUSTIFY">General</p>
</b>
<p ALIGN="JUSTIFY">The Plan is a defined contribution plan formed to provide
profit-sharing benefits to employees of Elco Textron Inc. (the Company) and
Textron Inc. All full-time employees of the Company&#39;s Corporate
Division, Precision Formed Products Division, Precision Commercial Division of
Camcar, Heat Treat and Finishes Division, Tool Manufacturing Division,
Construction Products Division and Textron Logistics Corp. were eligible to
participate in the Plan; however, during 1997, the Plan was amended such that no
employee shall become a participant in the Plan after April 1, 1997. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).</p>
<b>
<p ALIGN="JUSTIFY">Contributions and Vesting</p>
</b>
<p ALIGN="JUSTIFY">During 1997, the Plan was also amended such that all
participant and employer profit-sharing and additional employer contributions
were discontinued as of June 30, 1997. All participants became fully vested in
the profit-sharing and additional employer contributions at June 30, 1997.</p>
<b>
<p ALIGN="JUSTIFY">Participant Notes Receivable</p>
</b>
<p ALIGN="JUSTIFY">Participants may borrow from their fund accounts up to a
maximum equal to the lesser of $50,000 or 50% of their account balance
attributed to their own contributions and related earnings. Loan terms range
from 1-5 years. The loans are secured by the balance in the
participant&#39;s account and bear interest at the current prime rate, plus
1%. Principal and interest is paid ratably through monthly payroll deductions.</p>
<p ALIGN="right">4</p>
<b>
<p ALIGN="JUSTIFY">Investment Options</p>
</b>
<p ALIGN="JUSTIFY">Participants are allowed to direct the investment of their
account balances in 10% increments in any of the six investment options.
Participants may change their investment options monthly.</p>
<b>
<p ALIGN="JUSTIFY">Participant Accounts</p>
</b>
<p ALIGN="JUSTIFY">The allocation of Plan income or loss to participants is made
in the same ratio that a participant&#39;s account bears to the sum of the
balances of all participants&#39; accounts, taking into consideration the
dates on which additional contributions and withdrawals are made. Participant
account balances are valued daily by the Plan&#39;s recordkeeper based on
the value of the number of shares owned in each investment fund.</p>
<b>
<p ALIGN="JUSTIFY">Payment of Benefits</p>
</b>
<p ALIGN="JUSTIFY">The benefit to which a participant is entitled is the benefit
that can be provided from the participant&#39;s account balance.</p>
<b>
<p ALIGN="JUSTIFY">2. Significant Accounting Policies</p>
<p ALIGN="JUSTIFY">Basis of Accounting</p>
</b>
<p ALIGN="JUSTIFY">The financial statements have been prepared on the accrual
basis of accounting.</p>
<b>
<p ALIGN="JUSTIFY">Investment Valuation</p>
</b>
<p ALIGN="JUSTIFY">The Plan&#39;s investments are stated at fair value. The
shares of the registered investment companies are valued at quoted market prices
which represent the net asset values of the shares held by the Plan at year end.
Shares of Textron Inc. common stock are valued based on quoted market value.
Money market funds are reported at cost, which approximates fair value.
Participant notes receivable are valued at their outstanding balances, which
approximate fair value.</p>
<p ALIGN="right">5</p>
<p ALIGN="JUSTIFY">Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual basis. Dividends
are recorded on the ex-dividend date.</p>
<b>
<p ALIGN="JUSTIFY">Use of Estimates</p>
</b>
<p ALIGN="JUSTIFY">The preparation of financial statements in accordance with
accounting principles generally accepted in the United States requires
management to make estimates that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.</p>
<b>
<p ALIGN="JUSTIFY">Administrative Expenses</p>
</b>
<p ALIGN="JUSTIFY">Administrative expenses of the Plan are generally paid by the
Company.</p>
<b>
<p ALIGN="JUSTIFY">3. Investments</p>
</b>
<p ALIGN="JUSTIFY">The Plan&#39;s investments are held by Putnam Fiduciary
Trust Company. The fair value of individual investments that exceed five percent
of the Plan&#39;s assets at December 31, is as follows:</p>
<table CELLSPACING="1" WIDTH="682" height="199">
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="21%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p ALIGN="CENTER">2000</b></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p ALIGN="CENTER">1999</b></td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="21%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="20">
      <p>Textron Inc.--common stock</td>
    <td WIDTH="21%" VALIGN="TOP" height="20"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16,017,721</b></td>
    <td WIDTH="16%" VALIGN="TOP" height="20">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp; $22,885,321</td>
    <td WIDTH="3%" VALIGN="TOP" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
      <p>Putnam Voyager Fund</td>
    <td WIDTH="21%" VALIGN="TOP" height="21"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,256,630</b></td>
    <td WIDTH="16%" VALIGN="TOP" height="21">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,644,054</td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
      <p>The George Putnam Fund of Boston</td>
    <td WIDTH="21%" VALIGN="TOP" height="21"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,851,124</b></td>
    <td WIDTH="16%" VALIGN="TOP" height="21">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; 36,848,642</td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
      <p>One Group Bond Fund</td>
    <td WIDTH="21%" VALIGN="TOP" height="21"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      9,907,484</b></td>
    <td WIDTH="16%" VALIGN="TOP" height="21">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; 10,401,261</td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
      <p>One Group Equity Index Fund</td>
    <td WIDTH="21%" VALIGN="TOP" height="21"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,390,546</b></td>
    <td WIDTH="16%" VALIGN="TOP" height="21">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,985,912</td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
      <p>One Group Prime Money Market Fund</td>
    <td WIDTH="21%" VALIGN="TOP" height="21"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,557,016</b></td>
    <td WIDTH="16%" VALIGN="TOP" height="21">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,061,318</td>
    <td WIDTH="3%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
</TABLE>
<p ALIGN="right">6</p>
<p ALIGN="JUSTIFY">During 2000 and 1999, Plan investments (including investments
bought, sold, as well as held during the year) appreciated (depreciated) in fair
value, as follows:</p>
<table CELLSPACING="1" WIDTH="690">
  <tr>
    <td WIDTH="66%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="30%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">Year ended December 31</b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2000</b></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">1999</b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%" VALIGN="TOP">
      <p>Investments at fair value as determined by quoted market prices:</td>
    <td WIDTH="15%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;Mutual funds</td>
    <td WIDTH="15%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp; $ (843,772)</b></td>
    <td WIDTH="16%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp; $(2,415,924)</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;Textron Inc.--common
      stock</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp; (9,661,872)</b></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138,665</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 1"><b>
      <p ALIGN="JUSTIFY">$(10,505,644)</b></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 1">
      <p ALIGN="JUSTIFY">&nbsp; $(2,277,259)</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
</TABLE>
<b>
<p ALIGN="JUSTIFY">4. Income Tax Status</p>
</b>
<p ALIGN="JUSTIFY">The Plan has received a determination letter from the
Internal Revenue Service dated April 6, 1995, stating that the Plan is qualified
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is exempt from taxation. Once qualified, the Plan is required to
operate in conformity with the IRC to maintain its qualification. The Plan
Administrator believes the Plan is being operated in compliance with the
applicable requirements of the IRC and, therefore, believes that the Plan is
qualified and the related trust is tax exempt.</p>
<b>
<p ALIGN="JUSTIFY">5. Subsequent Event</p>
</b>
<p ALIGN="JUSTIFY">Effective August 1, 2001, the Elco Profit Sharing and Savings
Plan will be merged into the Textron Inc. Savings Plan.</p>
<p ALIGN="right">7</p>
<p ALIGN="CENTER"><font size="4">Elco Textron Inc.<br>
Profit Sharing and Savings Plan</font></p>
<p ALIGN="CENTER"><font size="4">EIN No. 05-0315468 Plan No. 010</font></p>
<p ALIGN="CENTER"><font size="4">Schedule H, Line 4i, Schedule of Assets (Held at End of Year)</font></p>
<p ALIGN="CENTER">&nbsp;December 31, 2000</p>
<p ALIGN="CENTER">&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="683">
  <tr>
    <td WIDTH="42%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      Identity of Issuer, Borrower,<br>
      Lessor or Similar Party</b></p>
    </td>
    <td WIDTH="39%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Description of Investment, Including Maturity Date, Rate
      of Interest Collateral, Par or Maturity Value</b></td>
    <td WIDTH="17%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      Current<br>
      Value</b></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>One Group Prime Money Market Fund*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,557,016
      shares</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; $ 4,557,016</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>One Group Bond Fund*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;939,989
      shares</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,907,484</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>One Group Equity Index Fund*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;145,623
      shares</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,390,546</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>Putnam Voyager Fund*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;303,498
      shares</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,256,630</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>The George Putnam Fund of Boston*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,850,734
      shares</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; 31,851,124</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>Textron Inc.--common stock*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;344,467
      shares</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; 16,017,721</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">
      <p>Participant notes receivable*</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9.5%
      to 10.5%</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,467,149</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17%" VALIGN="TOP"><b>
      <p ALIGN="JUSTIFY" style="border-bottom-style: double; border-bottom-width: 1">&nbsp;&nbsp;
      $75,447,670</b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
</TABLE>
<p ALIGN="JUSTIFY">* Indicates a party-in-interest to the Plan.</p>

<p ALIGN="right">8</p>

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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>elcoexh.htm
<DESCRIPTION>CONSENT OF INDEPENDENT AUDITORS
<TEXT>

<HTML>

<head>
<TITLE>Exhibit 23</TITLE>
</head>

<body>

<p ALIGN="RIGHT"><font size="4">Exhibit 23</font></p>
<p>&nbsp;</p>
<p ALIGN="CENTER">Consent of Independent Auditors</p>
<p ALIGN="JUSTIFY">We consent to the incorporation by reference in the
Registration Statement (Form S&#45;8 No.&#160;333&#45;07121)
pertaining to the Elco Textron Inc. Profit Sharing and Savings Plan of our
report dated May 4, 2001, with respect to the financial statements and schedule
of the Elco Textron Inc. Profit Sharing and Savings Plan included in this Annual
Report (Form 11&#45;K) for the year ended December 31, 2000.</p>
<p>&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50%" VALIGN="TOP">
      <p>ERNST & YOUNG LLP</td>
  </tr>
</TABLE>
<p>Providence, Rhode Island<br>
June 20, 2001</p>
<p>&nbsp;</p>

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