Textron Inc. said its finance unit will stop lending to customers other than those of the company's core manufacturing business.
The Providence, R.I., company said last week in a regulatory filing that its Textron Financial Corp. plans to divest $7.9 billion of its $11.4 billion of receivables — or $2 billion more than it had said it planned to unload about two months ago.
Textron Inc. said it is pulling back further from commercial finance "due to continued weakness in the economy and in order to enhance Textron Financial's long-term liquidity position in light of continuing disruption and instability in the capital markets."
