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Textron Jettisons Paul Revere Insurance Unit.(Originated from Providence Journal-bulletin, R.I.)
PROVIDENCE, R.I.--Apr. 30--Textron yesterday said it is selling its Paul Revere insurance company to Provident Companies for $975 million.
Textron, which owns 83 percent of the Worcester, Mass., insurance company, will be paid $750 million in cash and $225 million in Provident stock.
Public shareholders own the rest of Paul Revere, which is being sold for a total of $1.2 billion.
The boards of directors of both Provident and Paul Revere Corp. have approved the sale.
Paul Revere specializes in disability insurance. It employs 3,100 people nationwide, including 1,700 at its Worcester headquarters.
After the sale, up to 600 of the 5,100 jobs at …
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...States and Canada. The Paul Revere Corporation had an...October 27, 1993. Textron, Inc. (NYSE: TXT...Gerald M. Gates of Paul Revere, 508-792-6332/ (PRL TXT) CO: The Paul Revere Corporation; Textron, Inc. ST: Massachusetts...
Source: HighBeam Research, Textron Jettisons Paul Revere Insurance Unit.(Originated from...
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