Snap-on Announces New Chairman of the Board; Declares Quarterly Dividend

KENOSHA, Wis., Apr 26, 2002 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) announced that Dale F. Elliott, Snap-on president and chief executive officer, and a member of its board of directors, has been elected to the additional position of chairman of the board. Elliott, 47, assumes the role from retiring chairman, Robert A. Cornog.

"We thank Bob for his many contributions to Snap-on throughout his years on the board," said the board of directors. "We are pleased to recognize Dale through this election. His leadership, experience and vision will continue to benefit Snap-on in the execution of its strategic growth initiatives."

Also at the board meeting, the directors declared a second-quarter dividend of 24 cents per share, payable June 10, 2002, to shareholders of record on May 20, 2002. Snap-on has paid consecutive quarterly cash dividends since 1939.

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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