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MarketScreener Homepage  >  Equities  >  Nyse  >  Textron Inc.    TXT

TEXTRON INC.

(TXT)
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TEXTRON : AND SHIELD AI TO COLLABORATE ON MILITARY MULTI-DOMAIN AUTONOMY TECHNOLOGIES

10/18/2020 | 03:15pm EST

OCTOBER 13, 2020 - HUNT VALLEY, MD AND SAN DIEGO, CA - Textron Systems Corporation, a Textron Inc. (NYSE: TXT) company, and Shield AI, the artificial intelligence (AI) software company focused on operationalizing AI for maneuver by enabling systems to operate on the edge in denied environments, today announced their collaboration in support of advanced, multi-domain autonomy for a variety of military applications.

Based on years of mutual experience in the field, Textron Systems and Shield AI are cooperating on proof-of-concept work to integrate Shield AI technology into Textron Systems' proven air, land and sea unmanned systems. As a world-class designer and integrator of systems spanning more than one million operational hours, Textron Systems works with the best and brightest in the business, including Shield AI, to deliver superior capability for evolving customer missions.

'Working with U.S. Department of Defense customers since the 1980s to provide reliable, highly capable unmanned systems, we understand how these technologies extend the capabilities of our warfighters, while keeping them at a safe standoff distance,' notes Senior Vice President Wayne Prender of Textron Systems. 'We are continuously enhancing our autonomous platforms to meet stated and anticipated future requirements for our customers. We look forward to collaborating with Shield AI on this shared priority.'

'Shield AI is delighted to announce this collaboration with Textron Systems, a leading defense technology company known for its advanced unmanned systems and hardware,' says Ryan Tseng, Shield AI Co-Founder and CEO. 'We are excited to innovate together and believe this marks a significant moment on our path to achieving our mission and delivering AI for Maneuver at scale.'

ABOUT TEXTRON SYSTEMS
Textron Systems is a world leader in unmanned air, surface and land products, services and support for aerospace and defense customers. Harnessing agility and a broad base of expertise, Textron Systems' innovative businesses design, manufacture, field and support comprehensive solutions that expand customer capabilities and deliver value. For more information, visit www.textronsystems.com.

ABOUT TEXTRON INC.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information, visit www.textron.com.

ABOUT SHIELD AI
Shield AI was founded in 2015 by Brandon Tseng, a former Navy SEAL, Ryan Tseng, a successful tech entrepreneur, and autonomy expert Andrew Reiter. Today the team is more than 150-strong, with Chief Technology Officer Prof. Nathan Michael of Carnegie Mellon University's Resilient Intelligent Systems Lab leading the company's development of AI systems that operate on the edge. In 2020, Shield AI was named to the Forbes AI 50, Fast Company's Most Innovative list, the Wired 25, and the leading government services provider in the Inc. 5000.

Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, risks related to U.S. Government contracts as described in our filings with the Securities and Exchange Commission.

MEDIA CONTACTS:

Textron Systems

[email protected]

Shield AI:

[email protected]

Disclaimer

Textron Inc. published this content on 18 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2020 19:14:07 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 11 401 M - -
Net income 2020 289 M - -
Net Debt 2020 1 439 M - -
P/E ratio 2020 36,0x
Yield 2020 0,18%
Capitalization 10 322 M 10 322 M -
EV / Sales 2020 1,03x
EV / Sales 2021 0,91x
Nbr of Employees 32 200
Free-Float 99,4%
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Number of Analysts 12
Average target price 42,42 $
Last Close Price 45,10 $
Spread / Highest target 22,0%
Spread / Average Target -5,95%
Spread / Lowest Target -18,0%
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NameTitle
Scott C. Donnelly Chairman, President & Chief Executive Officer
Frank T. Connor Chief Financial Officer & Executive Vice President
Kimberly A. Mackenroth Chief Information Officer & Vice President
Kathleen M. Bader Lead Independent Director
Paul Ernest Gagné Lead Independent Director
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