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Textron deal receives approval

DETROIT - The planned acquisition of Textron Inc.'s automotive trim business by Collins & Aikman Corp. has received antitrust clearance from the Federal Trade Commission.

Collins & Aikman of Troy, Mich., controlled by Heartland Industrial Partners, has agreed to pay $1.2 billion in cash and preferred stock. The deal is expected to enhance the size, customer base and global reach of Collins & Aikman and make it a major suppler to giant Tier 1 auto interiors suppliers such as Lear Corp. and Johnson Controls Inc.



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