SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

            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.

Financial Statements and Supplemental Schedule

Elco Thermoplastics, Inc. Profit Sharing Plan

Years ended December 31, 2001 and 2000

Elco Thermoplastics, Inc. Profit Sharing Plan

 Financial Statements
and Supplemental Schedule

Report of Independent Auditors

Elco Thermoplastics, Inc. Profit Sharing Plan
Administration Committee

 We have audited the accompanying statements of assets available for benefits of the Elco Thermoplastics, Inc. Profit Sharing Plan as of December 31, 2001 and 2000, 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.

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, 2001 and 2000, 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, 2001, is presented for purposes of additional analysis and is not a required part of the financial statements but is 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 schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

Elco Thermoplastics, Inc. Profit Sharing Plan

 Statements of Assets Available for Benefits

Elco Thermoplastics, Inc. Profit Sharing Plan

Statements of Changes in Assets Available for Benefits

Elco Thermoplastics, Inc. Profit Sharing Plan

Notes to Financial Statements

December 31, 2001

The following brief description of the Elco Thermoplastics, Inc. Profit Sharing Plan (the Plan) is provided for general information only. Participants should refer to the Summary Plan Description and Plan document for more complete information.

Effective July 31, 2001, the Plan was terminated and contributions were discontinued October 1, 2001. Payouts of account balances to participants are expected to be completed by December 31, 2002.

The Plan was a defined contribution plan formed to provide profit-sharing benefits to employees of Elco Thermoplastics, Inc. (the Company), a subsidiary of Elco Textron Inc., and to provide for participant tax-deferred savings under Section 401(k) of the Internal Revenue Code (IRC). All full-time employees of the Company with one year of service were eligible to participate in the Plan. Participants have a 100% vested interest in their account balances. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Active participants could make contributions as defined in the Plan. Such contributions could be in the form of Employee Deferral Contributions (as a percentage of the participant's compensation) or Nondeductible Employee Contributions. The Company contributed an amount equal to 50% of the Employee Deferral Contributions related to the first 5% of earnings, as defined. Additional Company contributions could be made at the sole discretion of the Board of Directors. The Company made discretionary contributions of $-0- and $179,262 for the years ended December 31, 2001 and 2000, respectively.

Participants could borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance relating to participant contributions only. Loan terms ranged from 1-5 years or longer if for the purchase of a home. The loans were secured by the balance in the participant's account and bore interest at the current prime rate, plus 1%. Principal and interest was paid ratably through monthly payroll deductions.

Participants were allowed to direct employer and employee contributions in 10% increments in any of six investment fund options. Participants could change their investment options monthly.

Employee contributions and the Company's matching contribution were allocated to each respective participant account. The additional Company contributions, if any, were 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 was made in the same ratio that a participant's account bore to the sum of the balance of all participants' accounts, taking into consideration the dates on which additional contributions and withdrawals were 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.

The benefit to which a participant is entitled is the benefit that can be provided from the participant's account balance.

The financial statements have been prepared on the accrual basis of accounting.

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.

The preparation of financial statements in accordance 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 of the Plans are generally paid by the Company.

The Plan's investments are held by the Putnam Fiduciary Trust Company. The fair value of individual investments that exceed five percent of the Plan's assets at December 31 is as follows:

During 2001 and 2000, the Plan's investments (including investments purchased, sold, as well as held during the year) depreciated in fair value, as follows:

The Plan received a determination letter from the Internal Revenue Service dated June 12, 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 was required to operate in conformity with the IRC to maintain its qualification. As discussed in Note 1, the Plan was terminated effective July 31, 2001. The Plan received a determination letter from the Internal Revenue Service dated January 16, 2002, that the termination of the Plan does not adversely affect its qualifications for federal tax purposes.

Schedule H, Line 4i, Schedule of Assets (Held at End of Year)

December 31, 2001

*Indicates party-in-interest to the Plan.