Snap-on Highlights 2000 Achievements And Year 2001 Growth Opportunities; Shareholders Re-elect Directors; Snap-on Declares Quarterly Dividend

KENOSHA, Wis.--(BUSINESS WIRE)--April 27, 2001--At the Snap-on Incorporated (NYSE: SNA) annual meeting of shareholders, chairman Robert A. Cornog acknowledged the efforts of individuals, past and present, who created, and sustain, the success of Snap-on. Cornog, who is retiring as president and chief executive officer on this day, introduced president- and chief executive officer-elect, Dale F. Elliott, at the event.

Following the business meeting were management presentations that highlighted the ongoing efforts of dedicated employees across the company.

Elliott stated the company's dedication to building lasting value for Snap-on customers and shareholders, and shared his commitment to enhance profitable growth and to continue building on the base of quality people. Elliott told shareholders, "Our team is committed to the continued success of our strategic partners--our franchised dealers. They are key to our future growth. At the same time, we are excited about the opportunity to continue the advancements that have been made in our other businesses. We have created strong platforms for profitable global growth and will now begin the process of extracting the benefits from that effort."

The presenters, representing various business areas at Snap-on, shared achievements and discussed how future opportunities will be realized. Nicholas L. Loffredo, vice president - dealer sales, United States, described Snap-on's commitment to building and strengthening the Snap-on dealer franchise through expansion programs and technology. Mary Beth Siddons, director, worldwide product strategy - diagnostics, presented new, innovative products that are helping technicians keep up with rapidly changing vehicle technology. Anders Agren, president - Bahco Group AB, explained how Snap-on's combined commercial and industrial tool companies make it one of the largest players in the industrial hand tool business and how it is well-positioned for growth. Gary S. Henning, vice president - manufacturing, described efforts to improve quality while reducing costs through employee communication, teamwork and commitment.

Looking to the future, Elliott said: "Snap-on's primary goal has always been to deliver innovative, productivity-enhancing products, services and solutions to our customers. We will rededicate ourselves to that mission."

Shareholders Re-elect Directors

At the business meeting, Snap-on Incorporated shareholders re-elected four directors to the corporation's board of directors. Robert A. Cornog, chairman of Snap-on Incorporated. Leonard A. Hadley, president and chief executive officer of Maytag Corporation. Frank S. Ptak, vice chairman of Illinois Tool Works, Inc. Edward H. Rensi, owner and chief executive officer of Team Rensi Motorsports and retired president and chief executive officer of McDonald's USA. Cornog will serve for a term expiring at the 2002 annual meeting. Hadley, Ptak and Rensi will serve for terms expiring at the 2004 annual meeting.

Snap-on shareholders also approved the 2001 incentive stock and awards plan.

Snap-on Declares Quarterly Dividend

The board of directors declared a second-quarter dividend of 24 cents per share, payable June 8, 2001, to shareholders of record on May 18, 2001. Snap-on has paid consecutive quarterly cash dividends since 1939.

Elliott Elected President and CEO

Dale F. Elliott was elected president and chief executive officer and joins the board of directors. As is customary practice with new directors, Elliott joins the class of directors to serve until the next annual meeting of shareholders.

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 transportation-service, industrial, government, education and agricultural customers, and other commercial applications, including construction and electrical. Products are sold through its franchise dealer van, company direct sales and distributor channels, and the Internet. Founded in 1920, Snap-on is a $2.2 billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 14,000 people worldwide.

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