Textron Financial Announces Establishment of Marine Division

Textron Financial Corporation, a subsidiary of Textron Inc. (NYSE: TXT), announced today that it has established a dedicated Marine Division as a result of the company’s increasing involvement and significant commitment to the marine industry. With more than $500 million currently invested, Textron Financial is one of the premier lending sources for dealers and manufacturers of marine watercraft.

The Marine Division will operate out of Golden Valley, Minnesota as part of Textron Financial’s Distribution Finance Group. It will be led by Russell Baqir, who previously served as president of the company’s Diversified Products Division and oversaw the marine portfolio. In addition, Lisa Larson is assuming leadership of the Diversified Products Division in the role of senior vice president and general manager.

“We have the privilege to serve small- and medium-sized businesses in diverse industries that place value on strong industry knowledge, superior customer service, and effective personal relationships from their financing partners,” noted Textron Financial President Jay Carter. “In recognition of the unique business and capital needs of the marine industry, we believe that this dedicated division will allow us to better serve this important market.”

“Establishing our marine portfolio as its own division allows us to provide even greater service to meet the needs of today’s marine dealers and manufacturers,” said Baqir. “By creating the Marine Division, we are better able to dedicate the resources and focus necessary to continue as a premier lender in this industry.”

Bruce Keene and Carl Calhoun, veterans of Textron Financial’s marine portfolio, join Baqir in managing the new Marine Division. Keene will continue in his role as senior vice president of sales in cooperation with Calhoun as the vice president of operations.