Snap-on Names Nicholas T. Pinchuk Senior Vice President and President - Worldwide Commercial and Industrial Tools Group

KENOSHA, Wis., Jun 10, 2002 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) announced today that it has named Nicholas T. Pinchuk senior vice president and president - worldwide commercial and industrial tools group, effective June 24. He will have full responsibility for the worldwide professional tool and equipment products businesses.

Pinchuk was recently president, global refrigeration operations, a multi-billion dollar business unit of Carrier Corporation, a subsidiary of United Technologies Corporation. In that position, he led Carrier's expansion into refrigeration with responsibility for design, manufacturing, sales, parts and service worldwide. During his career, he has guided his operations to consistent profit improvement and to substantial share and revenue increases through both acquisitions and organic growth.

"Nick's extensive global experience in general management, finance and engineering will help Snap-on achieve its Driven to Deliver(TM) business process objectives emphasizing quality people, profitable growth and operational fitness," said Dale F. Elliott, Snap-on chairman, president and chief executive officer. "His broad knowledge of the industrial business will benefit Snap-on as we continue to expand our customer base and geographic reach."

Prior to his recent position, Pinchuk served in executive, operational, planning and financial capacities within Carrier and United Technologies, including: president, Asia-Pacific air conditioning operations; vice president, strategic planning; and chief financial officer, Carrier International Corporation. Before joining United Technologies, he was with the Ford Motor Company, where he held various financial and engineering positions.

Pinchuk received an M.B.A. from Harvard University, and master and bachelor of science degrees in electrical engineering from Rensselaer Polytechnic Institute.

Snap-on Incorporated is a leading global developer, 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 products, diagnostics software and other solutions for transportation-service, industrial, government, education and agricultural customers, and other commercial applications, including construction and electrical. Products are sold through its franchise dealer van, company direct sales and distributor channels, and 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.

    For additional information, visit www.snapon.com.

CONTACT:          Snap-on Incorporated
                  Richard Secor, 262/656-5561 (Media)
                  Bill Pfund, 262/656-6488 (Investor)

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