Genuine Parts Company and Snap-on Form E-commerce-based Alliance

KENOSHA, Wis. - January 11, 2000 - In a joint announcement released today, Genuine Parts Company (NYSE: GPC), a leading distributor of automotive and industrial replacement parts and products and Snap-on Incorporated (NYSE: SNA), a global leader in tools, diagnostics and equipment, said they have formed a strategic alliance that will enhance and expand the e-business efforts of both companies. The combined effort unites the electronic, online replacement parts ordering capability of Genuine Parts Automotive Parts Group, with the online repair information capabilities of Mitchell Repair Information Company, LLC (MRIC), a subsidiary of Snap-on. In support of the alliance, Snap-on has sold a 15 percent interest in its Mitchell Repair Information business to Genuine Parts. Additional terms were not disclosed.

"Snap-on and Genuine Parts represent two of the premier companies at the forefront of the automotive industry. The arrangement combines the strengths of Snap-on in information and shop management systems with the strength of Genuine Parts in replacement parts and distribution," said Robert A. Cornog, Snap-on chairman, president and chief executive officer. "The alliance is the next step in enhancing and delivering Snap-on's total solutions capability through our 'Store Without Walls' e-business strategy."

Larry L. Prince, chairman of the board of Genuine Parts Company said: "Working together, we believe we can offer a total, integrated solution to our approximately 10,000 NAPA AutoCare Centers. The alliance provides the capability to integrate certain repair information and parts ordering and deliver the enhanced value of this combination through electronic- and Internet-based technologies."

The alliance of these two premier companies brings together all the elements needed to deploy a successful e-business model, including a full replacement parts catalog, online order interface and procurement, repair information, "voice and view" diagnostics help, shop management, labor rates, local delivery and service capability, tools and equipment. The two companies are developing mutually beneficial commercial arrangements in North America designed to provide for:

- licensing of certain elements of the MRIC database to enhance NAPA's consumer-directed Internet activities;

- integration of selected repair information with the NAPA parts catalog to facilitate the identification, ordering and delivery of replacement parts to the professional installer;

- convergence of repair information and business management systems in NAPA AutoCare Centers;

- the possibility for Snap-on to leverage its total solutions capabilities to the Genuine Parts distribution channel of more than 6,000 NAPA AUTO PARTS stores through the offering of tools and equipment (outside of the Snap-on® brand of heritage tools and equipment).

In a separate action, Snap-on indicated that it previously purchased from The Thomson Corporation the remaining one percent stake in Mitchell Repair Information Company.

Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada and Mexico. The Company also distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary. S.P.Richards Company, the Office Products Group, distributes product nationwide in the U.S. and in Canada. The Electrical/Electronic Group, EIS, Inc. distributes electrical and electronic components throughout the U.S. and Mexico. Genuine Parts Company had 1998 revenues of $6.6 billion and net income of $355.8 million.

Snap-on Incorporated is a leading global developer, 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 products, diagnostics software and other solutions for the transportation service, industrial and other commercial industries. Products are sold through its franchise dealer van, company direct sales and distributor channels. Founded in 1920, Snap-on is an S&P 500 company headquartered in Kenosha, Wisconsin and employs approximately 14,000 worldwide.

The Mitchell Repair Information business was founded in 1917 and is a leading provider of business systems and diagnostic and repair information.

Media contact:
Richard Secor
414/656-5561