Snap-on Increases its Stake in Mitchell Repair

KENOSHA, Wis. - February 3, 1999 - Snap-on Incorporated announced today that it has exercised its call option to purchase from its venture partner, The Thomson Corporation, a further stake in Mitchell Repair Information Company, LLC (Mitchell Repair). The purchase, scheduled to be completed in February, will result in Snap-on's owning 99 percent of Mitchell Repair. The transaction is expected to be modestly accretive in 1999.

Mitchell Repair is the largest provider of print and electronic vehicle mechanical and electrical system repair information to independent shops, national accounts and original equipment manufacturers throughout North America, and offers shop management software to many of these same customers. It enables Snap-on to offer a complete package of integrated information and business services to vehicle repair centers around the world.

"Mitchell Repair has been an excellent investment for Snap-on, enabling us to incorporate vehicle repair information into all of our diagnostics platforms," said Robert A. Cornog, Snap-on chairman, president and chief executive officer. "As technology revolutionizes the automotive industry, information becomes the link between diagnosing the vehicle problem and performing the repair. By integrating information and shop management with our diagnostics capabilities, we can create products that enhance customer productivity and profitability."

Snap-on acquired its initial 50 percent interest in Mitchell Repair from The Thomson Corporation in 1997 and an additional 10 percent in the company in 1998.

Snap-on Incorporated (NYSE: SNA) is a $1.8 billion leading global developer, manufacturer, and distributor of tool and equipment solutions for professional technicians, motor service shop owners, specialty repair centers, original equipment manufacturers, and industrial tool users worldwide. Product lines include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software, and other solutions for the automotive service industry.

Media contact:
Richard Secor
414/656-5561