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Snap-on Announces Technology License Agreements with Agilent Technologies and Cosworth Technology, Inc.
A “field of use” patent was licensed from Agilent to be used for future introductions by Snap-on of wireless diagnostics products. In addition, the software licenses will accelerate the development by Snap-on of its next-generation diagnostics products from industry-leading handheld scanners to sophisticated engine analyzers. All intellectual properties were initially developed by a joint Agilent-Cosworth Technology, Inc. diagnostics venture.
“These agreements enhance our capabilities to continue to provide our customers with the latest in innovative, productivity-enhancing solutions to their vehicle service needs,” said Dale Elliott, president – diagnostics and industrial for Snap-on. “The patented technology will enable us to develop products and software that reduce the time it takes to set up and complete vehicle diagnostics.”
Cosworth Technology, Inc. in Novi, Michigan is a 100 percent subsidiary of Cosworth Technology Ltd (CT), a major supplier of powertrain engineering services to the global automotive industry. CT employs approximately 1,000 people at its operations in Northampton, Wellingborough, Worcester, UK and Novi, USA. Its unique blend of capabilities includes powertrain design, development and systems integration, engine manufacturing and aluminum engine component casting technology, incorporating a patented process. Cosworth Technology is part of the Audi Group, working as an independent consultancy.
Snap-on Incorporated is a leading global developer, manufacturer and marketer of tool 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 the transportation service, industrial, government, education, agricultural, and other commercial applications, including construction and electrical. Products are sold through its franchise dealer van, company direct sales and distributor channels. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin and employs approximately 14,000 worldwide.
Statements in this news release that are not historical facts, including statements (i) that include the words “believes,” “expects,” “anticipates,” or “estimates” or words of similar importance with reference to Snap-on (the Corporation) or management; (ii) specifically identified as forward-looking; or (iii) describing the Corporation’s or management’s future plans, objectives or goals, are forward-looking statements. The Corporation or its representatives may also make similar forward-looking statements from time to time orally or in writing. The Corporation 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 timing and progress with which the Corporation can bring to market products and software utilizing the licensed technology, and external negative factors including changes in trade, monetary and fiscal policies, laws and regulations, or other activities of governments or their agencies; and the absence of significant changes in the current competitive environment, inflation, 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. The Corporation operates in a continually changing business environment and new factors emerge from time to time. The Corporation cannot predict such factors nor can it assess the impact, if any, of such factors on the Corporation or its results. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Corporation disclaims any responsibility to update any forward-looking statement provided in this news release.
Media contact:
Richard Secor
414/656-5561