KENOSHA, Wis.--(BUSINESS WIRE)--Aug. 7, 2017--
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 its board of directors has
authorized a share repurchase program of up to $500 million of common
stock that replaces two previously approved share repurchase programs
under which approximately $116 million of authorization remained. A
third previously approved share repurchase program, which allows the
repurchase of up to the number of shares issued under the company’s
various equity plans, remains in place. Including the new authorization,
total share repurchase availability currently stands at approximately
$501 million.
“This new share repurchase program reinforces our commitment to create
long-term value for our shareholders and our belief that Snap-on is
well-positioned for the future,” said Nick Pinchuk, Snap-on chairman and
chief executive officer. “We’re encouraged that our strong financial
position and cash generation enable us to return capital to our
shareholders, along with our long-standing dividend, through a more
substantial share buyback program. At the same time, our priorities for
capital allocation include continuing to strategically invest, both
organically and through acquisitions, along our defined runways for
growth and improvement.”
Shares may be repurchased from time to time in the open market or
through privately negotiated transactions, subject to applicable laws
and regulations. The company intends to fund repurchases through a
combination of available cash and debt.
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 and support its franchise business. Products and
services are sold through the company’s franchisee, company-direct,
distributor and internet channels. Founded in 1920, Snap-on is a $3.4
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. In particular, Snap-on
cannot provide assurances regarding any particular market reaction to
share repurchases, or related effects on the value of its shares,
because that reaction is not under the company’s control and is subject
to changes in the market unrelated to Snap-on; nor can Snap-on provide
any assurances regarding its ability to repurchase shares on acceptable
terms. Market conditions may also affect whether the repurchases are in
fact accretive. Additional 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 31, 2016, 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.
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Source: Snap-on Incorporated
Snap-on Incorporated
Investors:
Leslie Kratcoski
262/656-6121
or
Media:
Richard
Secor
262/656-5561