Snap-on to Acquire Car-O-Liner
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.”
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.
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SOURCE Snap-on Incorporated