Snap-on Acquires Pro-Cut International
Broadens Offering of Productivity Solutions for Repair Shop Owners and Managers
KENOSHA, Wis. - (BUSINESS WIRE) - May 30, 2014 - 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 acquired substantially all of the assets of Pro-Cut International, Inc. ("Pro-Cut") for approximately $42 million in cash. Pro-Cut, with 2013 sales of approximately $24 million, designs, manufactures and distributes on-car brake lathes, related equipment and accessories used in brake servicing by automotive repair facilities.
"Pro-Cut's advanced brake servicing product line enhances and increases Snap-on's offering of productivity solutions for vehicle repair facilities, including independent shops, national service chains and OEM dealerships," said Nick Pinchuk, Snap-on chairman and chief executive officer. "We believe Pro-Cut will be an important addition to our Repair Systems & Information Group and will help us move further along our coherent growth runway of expanding with repair shop owners and managers. We look forward to welcoming Pro-Cut associates to the Snap-on family."
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 $3.1 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
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SOURCE Snap-on Incorporated