Snap-on Acquires Sturtevant Richmont
Expands Precision Torque Capabilities in Serving Critical Industries
KENOSHA, Wis. - (BUSINESS WIRE) - November 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 acquired Sturtevant Richmont for approximately $13 million in cash. Based in Carol Stream, Illinois, Sturtevant Richmont, with annual sales of approximately $10 million, designs, manufactures and distributes mechanical and electronic torque wrenches as well as wireless torque error proofing systems for a variety of industrial applications. The acquisition of Sturtevant Richmont, which will be part of the company’s Commercial & Industrial Group, enhances and expands Snap-on’s capabilities in providing solutions that address torque requirements, which are increasingly essential to critical mechanical performance.
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