Snap-on Initiates Auditor Selection Process

KENOSHA, Wis., Apr 11, 2002 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) today announced that it has initiated a process to select the company's independent public accountants for 2002. The selection process, undertaken by Snap-on's Audit Committee, will carefully review and consider a number of accounting and auditing firms, including Arthur Andersen LLP. The final decision will be made by the full board to ensure that the company's public accountants continue to meet strict standards of independence and professionalism in audit service. Such a review is made by the Audit Committee on a periodic basis, with the last having been undertaken five years ago. An appointment is expected during the second quarter.

Arthur Andersen has been the company's independent public accountants for 20 years. The Audit Committee is closely monitoring the developments regarding Andersen, but notes that Andersen has maintained a professional and strictly independent relationship with Snap-on. The Audit Committee has expressed its respect for the talented and professional team that has served Snap-on.

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 (MR), 262/656-5561
                  or
                  William Pfund (IR), 262/656-6488

URL:              www.snapon.com
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