Snap-on's Annual Meeting Highlights Progress Toward Goals, Improvements in Operational Efficiencies and Meeting Customer Needs; Shareholders Elect Directors

KENOSHA, Wis., Apr 24, 2003 (BUSINESS WIRE) -- At the Snap-on Incorporated (NYSE: SNA) Annual Meeting of Shareholders, chairman, president and chief executive officer, Dale F. Elliott attributed the application of the Driven to Deliver(TM) business process to helping transform the company, with Quality People driving results, Operational Fitness activities streamlining processes, and Profitable Growth investments leading to productivity-enhancing new products. He also outlined long-term trends and the opportunities related to the company's three business segments.

"Snap-on is on the mark in our efforts to create a more flexible, responsive and profitable company," Elliott said. "We have quality people working on the right priorities with a focus on execution. We are committed to delivering sustainable value to our customers and our shareholders."

Elliott discussed the progress and ongoing commitment toward these priorities, which include:

    --  applying the Driven to Deliver principles and implementing
        Lean business practices;

    --  growing and enhancing the dealer channel;

    --  improving operating margins;

    --  achieving working investment turnover improvements; and,

    --  maintaining investment in new products.

Actions were taken to enhance value for the customer and strengthen processes in each of the three segments. In the Snap-on Dealer Group, Snap-on plans to capture growth opportunities with its strong dealer force, solid customer relationships and brands that represent the best in the industry. Additionally, long-term trends are positive, indicating an increase in the number of vehicles, longer useful vehicle life, steady growth in miles being driven and more vehicles in prime service and repair age.

In the Commercial and Industrial Group, significant opportunities exist with a growing demand for products in emerging economies, and an expanding emphasis on workplace efficiency and ergonomics in developed countries. Like most companies, Snap-on is experiencing a depressed manufacturing sector with declines over the past three years; however, Snap-on believes it is well prepared when overall production returns.

In the Diagnostics and Information Group, advanced electronics and technology are driving the need for new products. Snap-on has a worldwide growth opportunity by offering a unique combination of instrumentation with information.

Elliott told shareholders, "Snap-on is moving forward, our core business is solid and we are making progress toward our goal of becoming more performance driven. We have strong brands and unique competitive strengths. The application of the Driven to Deliver principles, including Operational Fitness activities and Profitable Growth initiatives, are producing positive results."

Director Elections

During the business portion of the meeting, Snap-on Incorporated shareholders elected four directors to the corporation's board of directors: Bruce Chelberg, retired chairman of the board and chief executive officer of Whitman Corporation; Roxanne Decyk, senior vice president, corporate affairs and human resources of Shell Oil Company; Arthur Kelly, managing partner of KEL Enterprises L.P.; and, Jack Michaels, chairman of the board and chief executive officer of HON INDUSTRIES. Chelberg, Decyk, Kelly and Michaels will serve for terms expiring at the 2006 annual meeting.

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 worldwide, $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 12,800 people.

Statements in this news release that are not historical facts, including statements (i) that include the words "expects," "believes," "targets," "anticipates," or "encouraged by" or similar words that reference Snap-on or its management; (ii) specifically identified as forward-looking; or (iii) describing Snap-on's or management's future outlook, plans, estimates, objectives or goals, are forward-looking statements. Snap-on or its representatives may also make similar forward-looking statements from time to time orally or in writing. Snap-on cautions the reader that these statements are subject to risks, uncertainties or other factors that could cause (and in some cases have caused) actual results to differ materially from those described in any such statement. Those important factors include the validity of the assumptions and bases set forth above and the timing and progress with which Snap-on can continue to achieve savings from its cost reduction and other Operational Fitness initiatives; Snap-on's capability to retain and attract dealers and effectively implement new programs; its ability to capture new business; the success of new products and other Profitable Growth initiatives; Snap-on's ability to withstand external negative factors including terrorist disruptions on business; changes in trade, monetary and fiscal policies, regulatory reporting requirements, laws and regulations, or other activities of governments or their agencies, including military actions and such aftermath that might occur, and the absence of significant changes in inflation, the current competitive environment, energy supply or pricing, legal proceedings, supplier disruptions, currency fluctuations or the material worsening of economic and political situations around the world.

These factors may not constitute all factors that could cause actual results to differ materially from those discussed in any forward-looking statement. Snap-on operates in a continually changing business environment and new factors emerge from time to time. Snap-on cannot predict such factors nor can it assess the impact, if any, of such factors on Snap-on's financial position or its results of operations. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release.

Snap-on Incorporated
Richard Secor (Media), 262/656-5561
William Pfund (Investors), 262/656-6488
www.snapon.com

http://www.businesswire.com

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.