Snap-on Names Jean-Pierre Levrey President of Bahco Group AB

KENOSHA, Wis.--(BUSINESS WIRE)--Jan. 14, 2004--Snap-on Incorporated (NYSE: SNA), a global leader in tools, diagnostics and equipment, announced today that Jean-Pierre Levrey has joined the company as President - Bahco Group AB, based in Sandviken, Sweden.

Levrey will be responsible for spearheading further Bahco penetration of European markets, driving major Lean initiatives, aggressively lowering costs, improving operating margins and generally marshaling the considerable strength inherent in the products and people of Bahco. He succeeds Anders Agren who is leaving the company to pursue other interests.

"Jean-Pierre brings to the corporation broad business proficiency, exceptional leadership skills and a talent for envisioning and executing key business strategies," said Nick Pinchuk, senior vice president and president--worldwide commercial and industrial group. "He has extensive business management experience in Europe, including several senior executive positions in the automotive industry with the Sweden-based Volvo Group."

Levrey joins Snap-on from Carrier Corporation, a subsidiary of United Technologies Corporation, where he was most recently vice president of marketing for the air conditioning and commercial refrigeration businesses of Europe, Middle East and Africa. He also served as president of Carrier's Transport Refrigeration Operations in Europe where he substantially improved share and profit performance.

Levrey holds a Masters in Business Administration from the Institute d'Administration des Enterprises, located in Lyon, France and graduated from Ecole Centrale de Lyon, with excellence.

Snap-on Incorporated is a leading global innovator, 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, diagnostics software and other solutions for vehicle-service, industrial, government and agricultural customers, and commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company-direct sales and distributor channels, as well as over the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 12,700 people worldwide.

CONTACT: Snap-on Incorporated
Richard Secor (MR), 262-656-5561
or
Bill Pfund (IR), 262-656-6488
www.snapon.com

SOURCE: Snap-on Incorporated