Textron CEO: Cessna Not For Sale

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The "for sale" sign evidently won't be going up at Cessna. The top executive at Cessna's parent company, Textron, says a sale is not necessary.

Textron Chief Executive Lewis Campbell addressed the company's future at a shareholder's meeting in Providence, Rhode Island Wednesday. Campbell told the audience, "I feel now that it's highly, highly improbable and unlikely that we'll ever have to divest any more assets."

Textron ran into financial trouble because of its Textron financial unit. Textron was in need of raising cash, and the company raised the possibility of selling some businesses, like Cessna or Bell Helicopter.

"It's a very welcome development because it shows signs that the credit crunch is easing up and that Textron's dire financial state is looking considerably less dire," said aviation analyst Richard Aboulafia.

Campbell wouldn't comment on the most recent rumor that a middle east consortium of investors were interested in buying Textron.

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