[TEXTRON LETTERHEAD]

                                              FOR IMMEDIATE RELEASE

          Contact:
          Susan Gillette
          (401) 457-2354

                      TEXTRON TO ACQUIRE ELCO INDUSTRIES

               PROVIDENCE, RHODE ISLAND, SEPTEMBER 13, 1995  
          Textron Inc. (NYSE:TXT) and fastener manufacturer Elco
          Industries, Inc. (NASDAQ:ELCN) jointly announced today
          that they have entered into a definitive merger agreement
          under which a subsidiary of Textron will acquire all the
          outstanding common stock of Elco for $36 per share in
          cash, or an aggregate price of approximately $180
          million.  The acquisition is expected to be completed in
          the fourth quarter.

               Rockford, Ill.-based Elco Industries is a
          manufacturer and distributor of fastening products and
          systems for the automotive, commercial, construction and
          "do-it-yourself" home markets.  Sales in its last fiscal
          year ended June 30, 1995, were $249 million.  "Elco
          significantly strengthens our product offerings in the
          growing worldwide fastener industry and bolsters our
          Industrial Group," said Textron Chairman and CEO James F.
          Hardymon.

               "Elco is a solid company that has pursued a strategy
          of growth through diversification into counter-cyclical
          markets.  It maintains a strong focus on customer service
          and production of higher-margin, value-added parts and
          assemblies," Hardymon said.  "This is consistent with
          Textron's strategy to focus on engineered fastening
          solutions geared toward specific customer needs, which
          makes Elco a superb strategic fit for us."

               Textron's other fastener companies include U.K.-
          based Avdel Textron and Santa Ana, Calif.-based Cherry
          Textron, which produce blind fastening systems for the
          aerospace, automotive and other industrial markets around
          the world; and Rockford, Ill.-based Camcar Textron, which
          markets threaded fasteners to the automotive, appliance,
          business equipment and construction industries.

               "The fastener business is attractive to Textron for
          a variety of reasons," explained Hardymon.  "It offers a
          balance to our long-cycle businesses, such as aircraft;
          has global growth potential; and serves many of the same
          customers and markets that other Textron companies, such
          as Greenlee Textron and Textron Automotive Company,
          serve," he said.

               Elco President and Chief Executive Officer John C.
          Lutz said, "This transaction provides excellent value for
          our shareholders.  Textron is a fine company and we are
          looking forward to contributing to the growth of its
          fastener group."

               Established in 1992 as a supplier of wood screws to
          the automotive and furniture industries, Elco today
          manufacturers metal and plastic components and assemblies
          for a wide range of applications.  The company is
          comprised of two product groups:  Elco Industrial
          Products and Elco Home and Construction Products.  The
          company has ten facilities located in Rockford, Ill.;
          Logansport and Mishawaka, Ind.; and Goodlettsville, Tenn.

               Under the merger agreement, which has been approved
          by the boards of directors of both companies, a wholly-
          owned subsidiary of Textron will promptly commence a cash
          tender offer for all outstanding Elco shares.  The tender
          offer is expected to begin by September 20, 1995, and
          will remain open for 20 business days unless extended by
          Textron.  The tender offer will be conditioned upon,
          among other things, the tender of at least 66-2/3% of the
          shares of Elco common stock on a fully diluted basis. 
          Elco has approximately five million common shares
          outstanding on a fully diluted basis.  Any shares not
          acquired in the tender offer will be acquired at $36 per
          share in cash in a subsequent merger.

               In addition, Elco announced that it is postponing
          its Annual Meeting of Stockholders scheduled for November
          3, 1995, pending consummation of the offer.

               Textron Inc. is a $9.7 billion global multi-industry
          company with market-leading operations in six business
          segments:  Aircraft, Automotive, Industrial, Systems and
          Components, Finance and Paul Revere insurance.