Text of the press release dated November 6, 1996, issued by Provident Companies, Inc. and Textron Inc. (attached)Agreement for Additional Capital • November 14th, 1996 • Provident Companies Inc • Life insurance
Providence, Rhode Island, and Chattanooga, Tennessee, November 6, 1996 -- Textron Inc. (NYSE: TXT) and Provident Companies, Inc. (NYSE: PVT) today jointly announced an agreement under which Textron would provide additional capital to its 83%-owned subsidiary, The Paul Revere Corporation (NYSE: PRL), and the companies will make certain other adjustments relating to Provident's pending acquisition of Paul Revere. The transaction is presently targeted to close early in the first quarter of 1997.
