Snap-on's Annual Meeting Highlights Achievements, Ongoing Cost Improvements, Growth Opportunities; Shareholders Elect Directors

KENOSHA, Wis., Apr 25, 2002 (BUSINESS WIRE) -- At the Snap-on Incorporated (NYSE: SNA) Annual Meeting of Shareholders, president and chief executive officer, Dale F. Elliott outlined Snap-on's Driven to Deliver(TM) business process and updated progress on cost reduction initiatives, process improvements and growth opportunities.

"Snap-on is making progress in improving operating performance and cash flow, while continuing to invest in our key organizational strengths," Elliott said. He credits progress to date on the implementation and use of Snap-on's Driven to Deliver business process, which strengthens the foundation for value and sets the stage for continued expansion and growth.

    --  Ongoing cost improvements are being realized through
        Operational Fitness initiatives and an expansion of Snap-on's
        continuous improvement program to all levels of the
        organization. Significant progress has also been made in the
        management of working investment, with a particular
        concentration on inventory, accounts receivable and payables.
    --  The company is building customer loyalty by extending its
        customer reach and accelerating the introduction of new
        high-tech vehicle-repair products. The "More Feet on the
        Street" program is contributing to the expansion of the
        franchised dealer van network, while helping existing Snap-on
        dealers grow their businesses and better serve customers.
        Through Bahco, Snap-on is growing its base of professional
        tool users in construction, engineering, manufacturing,
        electronics and horticulture. It introduced its Bahco brand of
        premium tools in North America in late 2001. Elliott said
        initial interest in the new brand is high.
    --  Continuing its technological advancement, Snap-on is using the
        Internet as a tool for productivity enhancement and customer
        relationship management. The company is also facilitating the
        professional advancement of its customers, offering technician
        training products online.

Elliott told shareholders, "Snap-on is well-positioned for the future. Our core business is solid. We have strong brands and unique competitive strengths. The long-term market trends are favorable, and we are well-positioned to take advantage of them."

    Director Elections

During the business portion of the meeting, Snap-on Incorporated shareholders elected three directors to the corporation's board of directors. Dale F. Elliott, Snap-on's president and chief executive officer; Lars Nyberg, chairman of the board and chief executive officer of NCR Corporation; and, Richard F. Teerlink, retired chairman of the board of Harley-Davidson Incorporated. Elliott, Nyberg and Teerlink will serve for terms expiring at the 2005 annual meeting.

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage, diagnostics software and other solutions for vehicle-service, industrial, government and agricultural customers, and commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company-direct sales and distributor channels, as well as over the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 13,500 people worldwide.

CONTACT:          Snap-on Incorporated
                  Richard Secor (Media), 262/656-5561                      
                  William Pfund (Investor), 262/656-6488   

URL:              www.snapon.com    
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