SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to ____________
Commission file number 001-5480
A. Full title of the plan and the address of the plan, if different for that the issuer named below:
EMPLOYEES' RETIREMENT SAVINGS PLAN
FOR PRECISION STAMPING DIVISION OF
 ELCO TEXTRON INC.
 1111 Samuelson Road
P.O. Box 7009
Rockford, Illinois 61125
B. Name of issuer of securities held pursuant to the plan and address of its principal executive office:
TEXTRON INC.
 40 Westminster Street
Providence, Rhode Island 02903
SIGNATURES
The Plan. 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 to be signed on its behalf by the undersigned hereunto duly authorized.
EMPLOYEES' RETIREMENT SAVINGS PLAN
FOR PRECISION STAMPING DIVISION OF
ELCO TEXTRON INC.
ELCO TEXTRON INC., Plan Administrator

DATE: June 25, 1998      By: /s/August F. DeLuca
                                Vice President - Finance/CFO/Treasurer	

Financial Statements and Supplemental Schedules
Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Years ended December 31, 1997 and 1996

Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Financial Statements and Supplemental Schedules
Years ended December 31, 1997 and 1996

                          Contents

Report of Independent Auditors                             1

Financial Statements

Statements  of Net Assets Available for Benefits
   With Fund Information                                   2
Statements of Changes in Net Assets Available for
   Benefits With Fund Information                          4
Notes to Financial Statements                              6	

Supplemental Schedules
Line 27a--Schedule of Assets Held for Investment Purposes 12 Line 27d--Schedule of Reportable Transactions 13

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 net assets available for benefits of the Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc. (the Plan) as of December 31, 1997 and 1996, and the related statements of changes in net 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 generally accepted auditing standards. 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 net assets available for benefits of the Plan at December 31, 1997 and 1996, and the changes in its net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1997, and reportable transactions for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The Fund Information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. The supplemental schedules and Fund Information 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.

/s/Ernst & Young

April 17, 1998	

                       Employees' Retirement Savings Plan
                     for the Precision Stamping Division of
                                Elco Textron Inc.

      Statements of Net Assets Available for Benefits with Fund Information

                                December 31, 1997

                                                       Fund Information
                                           Money      High         Small                     Textron
                                   Main    Market     Income     Capitali      Balanced       Stock     Loan
                                   Fund     Fund      Equity       zation       Fund           Fund      Fund     Total
                                                       Fund         Fund
Investments, at fair value
 (Note 4):
Parkstone Prime Obligation Money   $ 137  $659,902  $      112   $      195   $    7,464   $ 42,612   $     -   $
Market Fund
Parkstone High Income Equity Fund      -         -   1,761,879            -            -          -         -    1,761,879
Parkstone Mid Capitalization Fund      -         -      23,923            -            -          -         -       23,923
Parkstone Small Capitalization Fund    -         -           -    1,879,144            -          -         -    1,879,144
Parkstone Balanced Fund                -         -           -            -    1,054,342          -         -    1,054,342
Textron Inc. common stock              -         -           -            -            -    705,625         -      705,625
Participant notes receivable           -         -           -            -            -          -    80,955       80,955
Total investments                    137   659,902   1,785,914    1,879,339    1,061,806    748,237    80,955    6,216,290

Receivables:
Participant contributions             -      2,944      13,878       16,613        8,389      7,614         -       49,438
Employer's contributions              -     14,841      28,538       34,060       21,644     16,330         -      115,413
Other receivable (payable)            -     (1,617)     (2,654)      (2,734)      (1,814)       374         -       (8,445)
Accrued income                      570      2,888           2            2            9      2,994         -        6,465
Total receivables                   570     19,056      39,764       47,941       28,228     27,312         -      162,871

Due (to) from other funds          (707)     3,185      (1,402)        (822)      (1,046)       783         9            -
Net assets available for benefits $   -   $682,143   $1,824,276  $1,926,458   $1,088,988   $776,332   $80,964   $6,379,161

See accompanying notes.	

                       Employees' Retirement Savings Plan
                     for the Precision Stamping Division of
                                Elco Textron Inc.

      Statements of Net Assets Available for Benefits with Fund Information

                                December 31, 1996

                                                       Fund Information
                                              Money        High       Small                    Textron
                                   Main      Market       Income     Capitali      Balanced     Stock     Loan
                                   Fund      Fund       Equity Fund    zation        Fund        Fund     Fund       Total
Investments, at fair value
 (Note 4):
 Parkstone Prime Obligation Money  $8,262  $1,073,821   $   10,507   $   15,225    $  8,396   $  6,174   $     -    $1,122,385
   Market Fund
 Parkstone High Income Equity Fund      -           -    1,106,381            -           -          -         -     1,106,381
 Parkstone Small Capitalization         -           -            -    1,454,312           -          -         -     1,454,312
   Fund
  Parkstone Balanced Fund               -           -           -             -     865,319          -         -       865,319
  Textron Inc. common stock             -           -           -             -           -    397,452         -       397,452
  Participant notes receivable          -           -           -             -           -          -    82,522        82,522
Total investments                   8,262   1,073,821   1,116,888     1,469,537     873,715    403,626    82,522     5,028,371

Receivables:
 Participant contributions              -       6,838       8,735        12,771       6,969      4,461         -        39,774
 Employer's contributions               -      60,058      44,747        55,976      41,637     19,152         -       221,570
 Other receivable (payable)             -    (127,039)     80,351        46,869       2,818      6,048         -         9,047
 Accrued income                        92       4,430          24            35          19      1,864         -         6,464
Total receivables                      92     (55,713)    133,857       115,651      51,443     31,525         -       276,855

Due (to) from other funds          (8,354)     30,010      (4,828)       25,326     (42,975)       691       130             -
Net assets available for benefits $     -  $1,048,118  $1,245,917    $1,610,514    $882,183   $435,842   $82,652    $5,305,226

 See accompanying notes.	

                       Employees' Retirement Savings Plan
                     for the Precision Stamping Division of
                                Elco Textron Inc.

Statements of Changes in Net Assets Available for Benefits with Fund Information

                          Year ended December 31, 1997

                                                     Fund Information
                                 Money           High         Small                     Textron
                                Market          Income     Capitaliza      Balanced      Stock      Loan
                                 Fund         Equity Fund     tion          Fund          Fund      Fund     Total
Additions to net assets
   attributed to:
 Investment income:
  Net appreciation
   (depreciation) in fair value  $        -   $   25,963   $  (162,454)   $   55,606   $125,250   $     -   $   44,365
   of investments (Note 4)
  Interest and dividend income       41,698      298,698        89,173        56,299     11,600     7,312      504,780
                                     41,698      324,661       (73,281)      111,905    136,850     7,312      549,145
Contributions:
 Participant                         46,514      146,270       188,542        94,126     75,687         -      551,139
 Employer                            22,805       49,511        59,529        37,401     27,070         -      196,316
                                     69,319      195,781       248,071       131,527    102,757         -      747,455
Total additions                     111,017      520,442       174,790       243,432    239,607     7,312    1,296,600

Deductions from net assets
attributed to:
 Benefits paid to participants      150,139        9,578         3,649        40,524        467         -      204,357
 Administrative expenses                264          262           262           262        871         -        1,921
 Other                                1,958        1,962         2,536         1,388        687     7,856       16,387
Total deductions                    152,361       11,802         6,447        42,174      2,025     7,856      222,665
Net increase (decrease)             (41,344)     508,640       168,343       201,258    237,582      (544)   1,073,935
  prior to interfund transfers
Interfund transfers (net)          (324,631)      69,719       147,601         5,547    102,908    (1,144)           -
Net increase (decrease)            (365,975)     578,359       315,944       206,805    340,490    (1,688)   1,073,935

Net assets available for          1,048,118    1,245,917     1,610,514       882,183    435,842    82,652    5,305,226
benefits, beginning of year
Net assets available for       $    682,143   $1,824,276    $1,926,458    $1,088,988  $ 776,332   $80,964   $6,379,161
benefits, end of year

See accompanying notes.	

                       Employees' Retirement Savings Plan
                     for the Precision Stamping Division of
                                Elco Textron Inc.

Statements of Changes in Net Assets Available for Benefits with Fund Information

                          Year ended December 31, 1996

                                                     Fund Information
                                 Money         High          Small                    Textron
                                Market        Income      Capitaliza     Balanced      Stock      Loan
                                 Fund       Equity Fund      tion          Fund         Fund      Fund     Total
Additions to net assets
  attributed to:
 Investment income:
 Net appreciation
  (depreciation) in fair value
  of investments (Note 4)       $        -   $  (12,804)   $  (57,176)   $(51,554)   $ 35,045   $     -   $  (86,489)
 Interest and dividend income       22,975      116,064       224,631    107,487        6,444     1,393      478,994
                                    22,975      103,260       167,455     55,933       41,489     1,393      392,505

Contributions:
  Participant                       56,941      111,901       156,158     83,217       28,196         -      436,413
  Employer                          54,434       62,539        78,369     55,426       22,796         -      273,564
 Total contributions               111,375      174,440       234,527    138,643       50,992         -      709,977
Total additions                    134,350      277,700       401,982    194,576       92,481     1,393    1,102,482

Deductions from net assets
attributed to:
 Benefits paid to participants      94,608        2,613         1,963     12,329            -         -      111,513
 Administrative expenses               872          914         1,077        750          440         -        4,053
Total deductions                    95,480        3,527         3,040     13,079          440         -      115,566
Net increase prior to
interfund transfers and             38,870      274,173       398,942    181,497       92,041     1,393      986,916
transfer from other plan

Interfund transfers (net)          111,517      (14,472)     (147,719 )  (88,919)      86,636    52,957            -
Transfer from the Elco
 Industries, Inc. Employee         793,670      586,075       737,239    520,586      257,165         -    2,894,735
 Stock Ownership Plan (Note 1)
Net increase                       944,057      845,776       988,462    613,164      435,842    54,350    3,881,651
Net assets available for           104,061      400,141       622,052    269,019            -    28,302    1,423,575
benefits, beginning of year
Net assets available for        $1,048,118   $1,245,917    $1,610,514   $882,183     $435,842   $ 82,652  $5,305,226
benefits, end of year

See accompanying notes.	

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 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. (Elco). The Plan provides for participant tax-deferred savings under Section 401(k) of the Internal Revenue Code (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). The Plan is administered by an administrative committee consisting of not fewer than three members selected by the Board of Directors of Elco.
Effective June 30, 1996, the Elco Industries, Inc. Employee Stock Ownership Plan (ESOP) was terminated. The assets of the ESOP were transferred into the participants' new or existing accounts in the Elco Textron Inc. Profit Sharing and Savings Plan, the Elco Thermoplastics, Inc. Profit Sharing Plan, the Elco Anchor Wire, Inc. Retirement Plan, or the Plan, as applicable. Assets distributed to the Plan were distributed to the participants' investment funds as directed by each participant.
Eligibility
All employees of the Precision Stamping Division of Elco are eligible to participate in the Plan after completing one year of service, 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.

Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Notes to Financial Statement (continued)
1. Description of the Plan (continued)
Participants become fully vested in the value of contributions made by Elco 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 pre- tax compensation, as defined by the Plan, subject to dollar limitations of $9,500 in 1997 and 1996.
The Plan provides for an employer matching contribution of 25% of a participant's contribution, not to exceed 1% of the participant's compensation. The Plan also provides for discretionary Company contributions. Elco made discretionary contributions of $107,500 and $215,000 in 1997 and 1996, respectively.
Investment Options
Effective July 1, 1996, participants were granted the option of investing in the Textron Stock Fund, which is invested exclusively in Textron Inc. common stock.
Participants are allowed to direct the employer and employee contributions in 10% increments in any of the following investment funds:
Money Market Fund - Funds are invested in the Parkstone Prime Obligations Fund, a mutual fund, which invests in short-term U.S. Treasury bills or notes as well as other short-term obligations issued by or guaranteed by the U.S. Government and other short-term obligations.
High Income Equity Fund - Funds are invested in the Parkstone High Income Equity Fund, a mutual fund, which invests in common and preferred stocks.
Small Capitalization Fund - Funds are invested in the Parkstone Small Capitalization Fund, a mutual fund, which invests in common and preferred stocks.

Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Balanced Fund - Funds are invested in the Parkstone Balanced Fund, a mutual fund, which invests in a combination of common stocks (and securities convertible into common stocks) and fixed income securities.
Textron Stock Fund - Funds are invested exclusively in Textron Inc. common stock. Cash dividends, if any, on Textron common stock will be reinvested in shares of Textron common stock. Fractional interests in the shares of Textron common stock held by the Textron Stock Fund are allocated to participants' accounts.
Participants may change their investment options monthly.
Allocations
The Plan document provides for semiannual allocation of trust income or loss which 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 are made. Company contributions are allocated as of the end of each plan year.
Distribution of Benefits
Distribution of the vested value of a participant's account is made by the trustee within sixty (60) days after the end of the Plan year in which occurs a participants' normal retirement date, early retirement date, late retirement date, disability retirement date, severance date or death.
The vested value of such distribution includes any pre-tax contributions made to the participant's account during the Plan year and is determined subsequent to the inclusion of his allocable share of trust income or loss.

Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Participant Notes Receivable
Participants may borrow an amount that does not exceed the lesser of $50,000 or one-half the nonforfeitable value of their account balance. Loans must be repaid within five years and bear interest at the current prime rate.
2. Summary of Significant Accounting Policies
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 at the last reported sale price on the last day of business of the Plan year. Participant loans are stated at cost, which approximates fair value.

Use of Estimates

The preparation of  financial    statements    in    conformity    with
generally  accepted  accounting     principles     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
Certain services are provided to the Plan by Elco without charge.
3. Termination Priorities
Although it has not expressed any intent to do so, Elco has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions ofERISA. In the event of termination, participants become 100% vested in their accounts.

Empoyees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Notes to Financial Statements (continued)
4. Investments
The Plan's investments are held by a bank-administered trust fund. The fair values of investments that represent 5% or more of the Plan's net assets are as follows:

                                                       December 31
                                                      1997      1996

Parkstone Prime Obligation Money Market Fund       $  710,422  $1,122,386
Parkstone High Income Equity Fund                   1,761,879   1,106,381
Parkstone Small Capitalization Fund                 1,879,144   1,454,312
Parkstone Balanced Fund                             1,054,342     865,319
Textron Inc. common stock                             705,625     397,452	

During 1997 and 1996, Plan investments (including investments bought, sold, as well as held during the year) appreciated (depreciated) in value by $44,365 and $(86,489), as follows:

                                                      1997      1996
Investments at fair value, determined by
 quoted market price:
  Parkstone High Income Equity Fund             $   26,664    $(12,804)
  Parkstone Small Capitalization Fund             (162,454)    (57,176)
  Parkstone Balanced Fund                           55,606     (51,554)
  Parkstone Mid Capitalization Fund                   (701)          -
  Textron Inc. common stock                        125,250      35,045
                                                $   44,365    $(86,489)	

5. Related-Party Transactions
During the year, the Plan had purchase and sale transactions with mutual funds administered by an affiliate of the Plan's trustee and the common stock of Textron Inc., parent company of Elco.

Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Notes to Financial Statements (continued)
6. Income Tax Status
The Internal Revenue Service ruled on April 6, 1995, that the Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The plan administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status.

Supplemental Schedules

Employees' Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
Employer Identification Number 36-1033080 Plan Number 012
Line 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1997

                                      Number
                                     of Shares
                                      or Face
                                      Amount        Cost        Current
                                                                 Value

Parkstone Prime Obligation Money
 Market Fund*                         710,422     $  710,422   $   710,422

 Mutual funds:
  Parkstone High Income               101,374      1,714,631     1,761,879
    Equity Fund*
  Parkstone Mid                         1,698         24,711        23,923
    Capitalization Fund*
  Parkstone Small                      72,108      2,000,356     1,879,144
    Capitalization Fund*
  Parkstone Balanced Fund*             80,916      1,033,279     1,054,342

 Textron Inc. common stock             11,290        549,003       705,625

Participant notes receivable,
 bearing interest at rates of
 8% to 10% per annum, with                                -         80,955
 various maturity dates*
                                                 $6,032,402     $6,216,290	

* Indicates a party-in-interest to the Plan.

    Employees' Retirement Savings Plan for the Precision Stamping Division of
                                Elco Textron Inc.

                    Employer Identification Number 36-1033080
                                 Plan Number 012

                  Line 27d--Schedule of Reportable Transactions

                          Year ended December 31, 1997

                                                                                         Current Value
     Identity of            Description of        Purchase    Selling      Cost of        of Asset on      Net Gain
   Party Involved               Assets             Price       Price        Asset      Transaction Date    (Loss)

Category (i) - Individual security transactions in excess
of 5 percent of plan assets

First of America
Investment            Parkstone High Income       $272,054  $         -    $  272,054   $  272,054         $      -
Corporation*           Equity Fund

Category  (iii)  -  Series  of security  transactions  in
excess of 5 percent of plan assets

First of America       Parkstone Prime Obligation
Investment             Money Market Fund                 -   1,270,056      1,270,056    1,270,056                -
Corporation*                                       858,092           -        858,092      858,092                -

First of America
Investment            Parkstone High Income              -      32,990         31,085       32,990            1,905
Corporation*           Equity Fund
                                                   661,824           -        661,824      661,824                -

First of America
Investment            Parkstone Small                    -      27,217         29,903       27,217           (2,686)
Corporation*           Capitalization Fund
                                                    614,502          -        614,502      614,502                -	

    Employees' Retirement Savings Plan for the Precision Stamping Division of
                                Elco Textron Inc.

                    Employer Identification Number 36-1033080
                                 Plan Number 012

            Line 27d--Schedule of Reportable Transactions (continued)

                                                                               Current Value
     Identity of            Description of        Purchase  Selling   Cost of  of Asset on   Net Gain
   Party Involved               Assets             Price     Price     Asset   Transaction    (Loss)
                                                                                   Date

Category (iii) - Series of security transactions in excess of 5  percent
of plan assets (continued)

First of America
Investment            Parkstone Balanced Fund            -   123,747   119,833   123,747       3,914
Corporation*
                                                   257,164         -   257,164   257,164           -

Textron Inc.*          Textron Inc. common stock         -    21,904    18,245    21,904       3,659
                                                   204,828         -   204,828   204,828           -

There  were  no  Category (ii) or (iv) reportable transactions during  the  year
ended December 31, 1997.

* Indicates a party-in-interest to the Plan.	

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 Textron Inc. of our report dated April 17, 1998, 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, 1997.
ERNST & YOUNG LLP
Providence, Rhode Island
June 23, 1998