Expands Product Offering for Repair Shop Owners and Managers
KENOSHA, Wis.--(BUSINESS WIRE)--May. 14, 2013--
Snap-on Incorporated (NYSE: SNA), a leading global innovator,
manufacturer and marketer of tools, equipment, diagnostics, repair
information and systems solutions for professional users performing
critical tasks, today announced that it has acquired Challenger Lifts,
Inc. (“Challenger”) for approximately $38 million in cash. Challenger,
with 2012 sales of approximately $45 million, designs, manufactures and
distributes a comprehensive line of vehicle lifts and accessories to a
diverse customer base in the automotive repair sector.
“Challenger is an important addition to our Repair Systems & Information
Group,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
“The Challenger vehicle lift product line complements and increases
Snap-on’s existing undercar equipment offering, broadening our
established capabilities in serving vehicle repair facilities. We
believe this acquisition will further Snap-on’s progress along its
strategic and coherent growth runway of expanding with repair shop
owners and managers. We look forward to welcoming Challenger associates
to the Snap-on family.”
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, equipment, diagnostics, repair information and
systems solutions for professional users performing critical tasks.
Products and services include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle dealerships and repair centers, as well
as for customers in industries, including aviation and aerospace,
agriculture, construction, government and military, mining, natural
resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales
of its products. Products and services are sold through the company’s
franchisee, company-direct, distributor and internet channels. Founded
in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in
Kenosha, Wisconsin.
Forward-looking Statements
Statements in this news release that are not historical facts,
including statements that (i) are in the future tense; (ii) include the
words “expects,” “anticipates,” “intends,” “approximates,” or similar
words that reference Snap-on or its management; (iii) are specifically
identified as forward-looking; or (iv) describe Snap-on’s or
management’s future outlook, plans, estimates, objectives or goals, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Snap-on cautions the reader that
this news release may contain statements, including earnings
projections, that are forward-looking in nature and were developed by
management in good faith and, accordingly, are subject to risks and
uncertainties regarding Snap-on’s expected results that could cause (and
in some cases have caused) actual results to differ materially from
those described or contemplated in any forward-looking statement.
Factors that may cause the company’s actual results to differ materially
from those contained in the forward-looking statements include those
found in the company’s reports filed with the Securities and Exchange
Commission, including the information under the “Safe Harbor” and “Risk
Factors” headings in its Annual Report on Form 10-K for the fiscal year
ended December 29, 2012, which are incorporated herein by reference. Snap-on
disclaims any responsibility to update any forward-looking statement
provided in this news release, except as required by law.
For additional information, please visit www.snapon.com.
Source: Snap-on Incorporated
Snap-on Incorporated
Investors:
Leslie Kratcoski, 262/656-6121
or
Media:
Richard
Secor, 262/656-5561