SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 11-K

[X]	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
 	for the fiscal year ended December 31, 2000	
 	Commission File Number 1-5480	

 	A.	Full title of the plan and address of the plan:	
EMPLOYEES' RETIREMENT SAVINGS PLAN FOR THE
PRECISION STAMPING DIVISION OF
ELCO TEXTRON INC.

 	B.	Name of issuer of the securities held pursuant to the plan and address of its principal executive office:	
TEXTRON INC.
40 Westminster Street
Providence, Rhode Island 02903

 	REQUIRED INFORMATION	
 	 	
 	Financial Statements and Exhibit	
 	 	
 	The following Plan financial statements and schedules prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974 are filed herewith, as permitted by Item 4 of Form 11-K:	
 	 	
 	Report of Independent Auditors	
 	Statements of Assets Available for Benefits for each of	
 	the two years ended December 31, 2000 and 1999	
 	Statements of Changes in Assets Available for Benefits	
 	for each of the two years ended December 31, 2000 and 1999	
 	Notes to financial statements	
 	 	
 	Supplemental Schedule:	
 	 	
 	Schedule G, Part III - Nonexempt Transactions	
 	Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	
 	The Consent of Independent Auditors is filed as an exhibit to this Annual Report.	
     Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this Annual Report on Form 11-K to be signed by the undersigned hereunto duly authorized.

 	EMPLOYEES' RETIREMENT SAVINGS PLAN
FOR THE PRECISION STAMPING DIVISION OF
ELCO TEXTRON INC.	
 	 	
 	ELCO TEXTRON INC., Plan Administrator	
 	 	
 	By :/s/Steven A. Wein	
 	   Vice President, General Counsel & Secretary	
 	 	
 	Date: June 25, 2001	
 
Financial Statements and Supplemental Schedules
Employees' Retirement Savings Plan for the
Precision Stamping Division of Elco Textron Inc.
Years ended December 31, 2000 and 1999
 
Employees' Retirement Savings Plan
for the Precision Stamping Division of
Elco Textron Inc.
Financial Statements
and Supplemental Schedules
Years ended December 31, 2000 and 1999
  Contents
Report of Independent Auditors................................................................................................................. 1
Financial Statements
Statements of Assets Available for Benefits................................................................................................ 2
Statements of Changes in Assets Available for Benefits.............................................................................. 3
Notes to Financial Statements....................................................................................................................4
  Supplemental Schedules
Schedule G, Part III - Nonexempt Transactions....................................................................................... 8
Schedule H, Line 4i, Schedule of Assets (Held at End of Year)................................................................ 9
 
Report of Independent Auditors
Administrative Committee
Employees' Retirement Savings Plan for the Precision
   Stamping Division of Elco Textron Inc.
We have audited the accompanying statements of assets available for benefits of the Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc. as of December 31, 2000 and 1999, and the related statements of changes in assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets available for benefits of the Plan at December 31, 2000 and 1999, and the changes in its assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2000, and the supplemental schedule of nonexempt transactions for the year ended December 31, 2000, are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.

 	ERNST & YOUNG LLP	
May 4, 2001
 1
Employees' Retirement Savings Plan
for the Precision Stamping Division of
Elco Textron Inc.
Statements of Assets Available for Benefits

 	December 31	 	
 	2000	1999	 	
Assets	 	 	 	
Investments, at fair value	     $8,469,522	   $9,290,699	 	
 	 	 	 	
Receivables:	 	 	 	
  Participant contributions	            33,825	          45,257	 	
  Employer's contributions	              5,488	            7,311	 	
Total receivables	            39,313	          52,568	 	
Assets available for benefits	     $8,508,835	   $9,343,267	 	
See accompanying notes.
2
Employees' Retirement Savings Plan
for the Precision Stamping Division of
Elco Textron Inc.
Statements of Changes in Assets Available for Benefits

 	Year ended December 31	 	
 	2000	1999	 	
Additions:	 	 	 	
  Investment income:	 	 	 	
    Net appreciation (depreciation) in fair value of investments	     $(1,440,258)	      $1,069,559	 	
    Interest and dividends	            409,434	           533,621	 	
 	        (1,030,824)	        1,603,180	 	
  Contributions:	 	 	 	
    Participants	            509,052	           513,913	 	
    Employer	              82,909	             83,454	 	
 	            591,961	           597,367	 	
Total additions (deductions)	           (438,863)	        2,200,547	 	
 	 	 	 	
Deductions:	 	 	 	
  Benefits paid to participants	            394,870	           484,965	 	
  Administrative expenses	                   699	                  901	 	
Total deductions	             395,569	           485,866	 	
Net increase (decrease)	            (834,432)	        1,714,681	 	
 	 	 	 	
Assets available for benefits at beginning of year	           9,343,267	        7,628,586	 	
Assets available for benefits at end of year	        $ 8,508,835	      $9,343,267	 	
See accompanying notes.
3
Employees' Retirement Savings Plan
for the Precision Stamping Division of
Elco Textron Inc.
Notes to Financial Statements
Years ended December 31, 2000 and 1999
 
1. Description of the Plan
The following brief description of the Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc. (the Plan) is provided for general information purposes only. Participants should refer to the Summary Plan Description and Plan document for more complete information.
General
The Plan is a defined-contribution plan formed to provide a retirement savings plan to employees of the Precision Stamping Division of Elco Textron Inc. (the Company). The Plan provides for participant tax-deferred savings under Section 401(k) of the Internal Revenue (IRC) and is subject to the provisions of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA). All employees of the Company are eligible to participate in the Plan after completing 90 days of service (one year of service prior to July 1, 2000), as defined in the Plan.
Vesting and Forfeitures
Participants are immediately vested in the value of their contributions and related allocation of trust income or loss. Participants become fully vested in the value of contributions made by the Company and related allocations of trust income or loss after five years of credited service. Any forfeitures are allocated to remaining Plan participants.
Contributions
Active participants may contribute up to 14% of their pretax compensation, as defined by the Plan, subject to dollar limitations of $10,500 in 2000 and $10,000 in 1999. The Plan provides for an employer matching contribution of 25% of a participant's contribution, not to exceed 4% of the participant's compensation. The Plan also provides for discretionary Company contributions. The Company made no discretionary contributions in 2000 and 1999. Effective July 1, 2000, rollover contributions from other qualified plans are permitted.
4
Participant Notes Receivable
Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from 1-5 years. The loans are secured by the balance in the participant's account and bear interest at the current prime rate plus 1%. Principal and interest is paid ratably through monthly payroll deductions.
Investment Options
Participants are allowed to direct Company and employee contributions in 10% increments in any of six investment fund options. Participants may change their investment options monthly.
Participant Accounts
Employee contributions and the Company's matching contribution are allocated to each respective participant account. The additional Company contribution, if any, is allocated to participant accounts based on participant compensation, as defined by the Plan, and their years of service in relation to the total of such amounts for all participants.
The allocation of Plan income or loss to participants is made in the same ratio that a participant's account bears to the sum of the balances of all participants' accounts, taking into consideration the dates on which additional contributions and withdrawals are made. Participant account balances are valued daily by the Plan's recordkeeper based on the value of the number of shares owned in each investment fund.
Payment of Benefits
The benefit to which a participant is entitled is the benefit that can be provided from the participant's account balance.
5
  2. Significant Accounting Policies
Basis of Accounting
The financial statements have been prepared on the accrual basis of accounting.
Investment Valuation
The Plan's investments are stated at fair value. The shares of the registered investment companies are valued at quoted market prices which represent the net asset values of the shares held by the Plan at year end. Shares of Textron Inc. common stock are valued based on quoted market value. Money market funds are reported at cost, which approximates fair value. Participant notes receivable are valued at their outstanding balances, which approximate fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Administrative Expenses
Administrative expenses of the Plan are generally paid by the Company.
3. Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, participants become 100% vested in their accounts.
6
4. Investments
The Plan's investments are held by Putnam Fiduciary Trust Company (Putnam). The fair value of individual investments that exceed five percent of the Plan's assets at December 31 is as follows:

 	2000	1999	 	
 	 	 	 	
Textron Inc.--common stock	        $ 799,056	    $1,186,232	 	
The George Putnam Fund of Boston	        1,566,562	      1,336,231	 	
Putnam Voyager Fund	        2,514,277	      2,819,285	 	
One Group Equity Index Fund	        2,609,022	      2,807,392	 	
One Group Prime Money Market Fund	           794,781	         928,576	 	
During 2000 and 1999, the Plan's investments (including investments bought, sold, and held during the year) appreciated (depreciated) in fair value, as follows:

 	Year ended December 31	 	
 	2000	1999	 	
Investments at fair value as determined by quoted market prices:	 	 	 	
Mutual funds	     $ (952,076)	    $1,060,147	 	
Textron Inc.--common stock	        (488,182)	             9,412	 	
 	   $(1,440,258)	    $1,069,559	 	
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated April 6, 1995, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and that the related trust is tax exempt.
7
  Employees' Retirement Savings Plan
for the Precision Stamping Division of
Elco Textron Inc.
EIN No. 05-0315468 Plan No. 012
Schedule G, Part III - Nonexempt Transactions
Year ended December 31, 2000

Identity of
Party Involved	Relationship to the Plan, Employer, or Other Party In Interest	Description of Transactions, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	Current Value of Asset	 	
 	 	 	 	 	
Elco -- Textron Inc.	Employer/Sponsor	Employee contributions not remitted timely. Contributions withheld for the July and August 2000 pay periods; remitted on September 29, 2000.	  $101,802	 	
8
Employees' Retirement Savings Plan
for the Precision Stamping Division of
Elco Textron Inc.
EIN No. 05-0315468 Plan No. 012
Schedule H, Line 4i, Schedule of Assets (Held at End of Year)
December 31, 2000

Identity of Issuer, Borrower,
Lessor or Similar Party	Description of Investments, Including Maturity Date, Rate of Interest Collateral, Par or
Maturity Value	

Current
Value	 	
 	 	 	 	
One Group Prime Money Market Fund*	             794,781 shares	     $ 794,781	 	
One Group Equity Index Fund*	               86,535 shares	     2,609,022	 	
One Group Bond Fund*	                 1,367 shares	          14,411	 	
Putnam Voyager Fund*	             105,156 shares	     2,514,277	 	
The George Putnam Fund of Boston*	               91,026 shares	     1,566,562	 	
Textron Inc.--common stock*	               17,184 shares	        799,056	 	
 	 	 	 	
Participant notes receivable*	             9.5% to 10.5%	        171,413	 	
 	 	   $8,469,522	 	
* Indicates a party in interest to the Plan.
9

Exhibit 23
 
Consent of Independent Auditors
 
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-07121) pertaining to the Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc. of our report dated May 4, 2001, with respect to the financial statements and schedules of the Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc. included in this Annual Report (Form 11-K) for the year ended December 31, 2000.

 	ERNST & YOUNG LLP	
Providence, Rhode Island
June 20, 2001