Snap-on Names Martin M. Ellen Senior Vice President - Chief Financial Officer

KENOSHA, Wis., Sep 25, 2002 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) announced today that Martin M. Ellen will join the company as senior vice president - chief financial officer. Ellen brings a broad range of knowledge gained in complementary industries, including experience with franchising, financial services and global operations.

Ellen, 48, is currently vice president and chief financial officer for Cabot Microelectronics Corporation, a $250 million, NASDAQ-traded company, formed out of a spin-off from Cabot Corporation, a global chemical manufacturing business based in Boston, Mass. Prior to Cabot, Ellen was senior vice president and chief financial officer for Whitman Corporation, a $2.5 billion NYSE-listed consumer goods company primarily engaged in the marketing, bottling, sales and distribution of Pepsi products and other beverages as a master franchisee. During his tenure at Whitman, Ellen established performance, profitability and operating improvement plans to raise margins on acquired operations, as well as directing much of the integration of those acquired operations. He was also instrumental in executing Whitman's "total beverage company" strategy in Central Europe.

"Marty's extensive background in financial and operational planning and performance measurement will be a significant benefit as we continue to implement the Snap-on Business Process," said Dale F. Elliott, chairman, president and chief executive officer. "In particular, his strong focus on processes that assess customer and shareholder value added will help the company more closely monitor performance in these areas. We look forward to his contributions to the corporate and operations finance functions, as well as to the overall development and execution of our business strategies."

Ellen will join Snap-on on November 18 to allow for an appropriate transition from his current position. Ellen received an M.B.A. from Northwestern University and a bachelor of science degree from the University of Illinois. He is a certified public accountant.

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.

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

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