Snap-on Incorporated Appoints Henry W. Knueppel to Board of Directors
KENOSHA, Wis., Aug 08, 2011 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) today announced that its board of directors has appointed Henry W. Knueppel as a director, effective September 1, 2011.
Mr. Knueppel, age 63, has served as chairman of Regal Beloit Corporation, a manufacturer of electric motors, mechanical and electrical motion controls and power generation products, since April 2006. Since joining Regal Beloit in 1979, he has held various positions with increasing responsibility, including serving as its chief executive officer from 2005 until April 2011, and as its president and chief operating officer from 2002-2005. Mr. Knueppel also serves as a director of Harsco Corporation, a diversified, multinational provider of industrial services and engineered products.
"Snap-on is pleased to welcome Henry Knueppel to our board of directors," said W. Dudley Lehman, Snap-on director and chair of the corporate governance and nominating committee. "Henry has extensive experience in the industrial arena and has demonstrated many years of continuing business success. We look forward to him being a valuable member of the Snap-on team."
Snap-on believes Mr. Knueppel meets the independence requirements of the New York Stock Exchange. His appointment increases the size of the board of directors to 12 members. Mr. Knueppel will be put forward as a nominee for shareholder ratification and election at Snap-on's 2012 Annual Meeting of Shareholders.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. 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 customers in industry, government, agriculture, aviation and natural resources. Products and services are sold through the company's franchisee, company-direct, distributor and Internet channels. Founded in 1920, Snap-on is a $2.6 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
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 contains 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, 2010, 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.
SOURCE: Snap-on Incorporated