Further Expands Capabilities with Repair Shop Owners and Managers
KENOSHA, Wis.--(BUSINESS WIRE)--Oct. 17, 2016--
Snap-on Incorporated (NYSE:SNA), a leading global innovator,
manufacturer and marketer of tools, equipment, diagnostics, repair
information and systems solutions for professional users performing
critical tasks, today announced that it has entered into a definitive
agreement to acquire Car-O-Liner Holding AB (“Car-O-Liner”) for
approximately $155 million in cash. Based in Gothenburg, Sweden,
Car-O-Liner, with trailing 12 month sales of approximately $95 million,
is a leading global provider of collision repair equipment and
information and truck alignment systems. Subject to certain closing
conditions, the transaction is expected to close within 30 days.
“Car-O-Liner’s product offering and special expertise are important
additions to our Repair Systems & Information Group, bringing greater
capabilities in collision repair and strengthening Snap-on’s position in
the heavy duty segment,” said Nick Pinchuk, Snap-on chairman and chief
executive officer. “Given trends in the collision space, including the
need for greater precision, the requirement to accommodate new materials
and the higher emphasis on shop efficiency, we believe this acquisition
will further Snap-on’s progress along its strategic and coherent growth
runway of expanding with repair shop owners and managers. We look
forward to welcoming Car-O-Liner associates to the Snap-on family.”
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, equipment, diagnostics, repair information and
systems solutions for professional users performing critical tasks.
Products and services include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle dealerships and repair centers, as well
as for customers in industries, including aviation and aerospace,
agriculture, construction, government and military, mining, natural
resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales
of its products. Products and services are sold through the company’s
franchisee, company-direct, distributor and internet channels. Founded
in 1920, Snap-on is a $3.4 billion, S&P 500 company headquartered in
Kenosha, Wisconsin.
Forward-looking Statements
Statements in this news release that are not historical facts,
including statements that (i) are in the future tense; (ii) include the
words “expects,” “anticipates,” “intends,” “approximates,” or similar
words that reference Snap-on or its management; (iii) are specifically
identified as forward-looking; or (iv) describe Snap-on’s or
management’s future outlook, plans, estimates, objectives or goals, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Snap-on cautions the reader that this
news release may contain statements, including earnings projections,
that are forward-looking in nature and were developed by management in
good faith and, accordingly, are subject to risks and uncertainties
regarding Snap-on’s expected results that could cause (and in some cases
have caused) actual results to differ materially from those described or
contemplated in any forward-looking statement. Factors that may cause
the company’s actual results to differ materially from those contained
in the forward-looking statements include those found in the company’s
reports filed with the Securities and Exchange Commission, including the
information under the “Safe Harbor” and “Risk Factors” headings in its
Annual Report on Form 10-K for the fiscal year ended January 2, 2016,
which are incorporated herein by reference. Snap-on disclaims any
responsibility to update any forward-looking statement provided in this
news release, except as required by law.
For additional information, please visit www.snapon.com.
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Source: Snap-on Incorporated
Snap-on Incorporated
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or
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