Snap-on

Snap-on Incorporated
Public company
Traded as NYSE: SNA
S&P 500 Index component
Industry Manufacturing
Founded 1920 (1920)
Milwaukee, Wisconsin
Founder Joseph Johnson
Bill Seidemann
Headquarters Kenosha, Wisconsin
Key people
 Nicholas T. Pinchuk, Chairman & CEO
Aldo J. Pagliari, CFO[1]
Products Professional Automotive and Industrial Tools and Equipment
Revenue Increase $3.430 billion (2016)[1]
Increase $0.546 billion (2016)[1]
Total assets Increase $4.723 billion (2016)[1]
Total equity Increase $2.617 billion (2016)[1]
Number of employees
 12,100 (2016)[1]
Website www.snapon.com
Snap-on walk-in dealer van, Westland, Michigan

Snap-on Incorporated is a designer, manufacturer and marketer of high-end tools and equipment for professional use in the transportation industry including the automotive, heavy duty, equipment, marine, aviation, and railroad industries. Snap-on also distributes lower-end tools under the brand name Blue-Point.

Current operations

Snap-on operates plants in Milwaukee, Wisconsin, Elizabethton, Tennessee, and Elkmont, Alabama. Pneumatic and cordless tools are manufactured in Murphy, North Carolina. Wheel Balancers and tire changers are produced in Conway, Arkansas. Torque products are made and assembled in City of Industry, California. [2]

The company manufactures tool storage cabinets in its Algona, Iowa plant.

Snap-on produces hand-held electronic diagnostic tools for the computer systems used in most modern cars and heavy duty vehicles, as well as automotive emissions control diagnostics equipment in its San Jose, California diagnostic facility. Snap-on diagnostic products are sold in Europe and Brazil under the name Sun.

Sales approach

Snap-on tools are sold only by dealers and not in retail stores. Snap-on has always maintained the philosophy that the customer's time was too valuable to spend going shopping for tools. Snap-on franchisees visit their customers in their place of work once weekly, in a van loaded with items for purchase.

The Snap-on TechKnow Express is a van that showcases everything Snap-on has to offer in the realm of diagnostic equipment, and the Rock 'n Roll Cab Express is a truck with various types of tool storage showing customization options, including units larger than what can fit on a standard franchisee van. These trucks are typically assigned to a particular region and work within that region with individual franchisees.

History

Snap-on was founded as the Snap-on Wrench Company in Milwaukee, Wisconsin in 1920 by Joseph Johnson and William Seidemann.[3] The business manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. The company's slogan was "5 do the work of 50".[4]

After World War II, Palmer advertised for a military officer to organize and develop a larger sales force for the expected post war sales boom. Newton Tarble was hired, and came up with the idea of developing routes for company dealers to see mechanics on a weekly basis. Eventually these salesmen became independent businessmen and authorized dealers using larger walk in vans to carry a growing product line.

In 1975, Snap-on opened a manufacturing plant in Johnson City, Tennessee and closed the plant in 2007.[5]

In 1998, workers at the company's Milwaukee plant voted to join the Teamsters labor union.[6]

In 1999, the company acquired Bahco, a Swedish hand tool brand.

In 2011, the Murphy, North Carolina plant was named one of the top 10 plants in North America by Industry Week.[7]

In 2013, the company expanded its hand tool facility in Milwaukee.[8]

In 2014, the company acquired Pro-Cut for $42 million.[9]

In October 2016, the company acquired Car-O-Liner Holding AB for $155 million.[10]

In November 2016, the company acquired Sturtevant Richmont for $13 million.[11]

In April 2017, President Donald Trump visited the company's plant in Kensosha, Wisconsin and guaranteed more government contracts for American companies.[12]

In May 2017, the company acquired Norbar Torque Tools Holdings Limited for $72 million.[13]

Racing sponsorships

The company has sponsored Penske Racing teams in the NASCAR Sprint Cup Series and Nationwide Series as well as IndyCar. The first driver Snap-on became associated with was Rick Mears in 1979. Since 1992, Snap-on has sponsored Cruz Pedregon.[14] In 2004, the company began sponsoring Cruz’s brother Tony Pedregon.

References

  1. 1 2 3 4 5 6 "Snap-on Incorporated 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ 2017 Snap on catalog pg 1
  3. ↑ "Joseph Johnson, 92". Chicago Tribune. October 19, 1986.
  4. ↑ Snap-on Museum Experience
  5. ↑ Keeling, Jeff (January 10, 2007). "Snap-on Tools closing Johnson City plant - 150 to lose job; Elizabethton Plant to continue operations". Johnson City Press.
  6. ↑ Gallun, Alby (September 6, 1998). "Snap-on workers vote to join Teamsters". American City Business Journals.
  7. ↑ "Snap-on's Murphy, N.C. Facility Named One of North America's 10 Best Plants" (Press release). Business Wire. January 19, 2011.
  8. ↑ Lockwood, Denise (December 18, 2013). "Snap-on expands Milwaukee hand tool facility". American City Business Journals.
  9. ↑ "Snap-on Acquires Pro-Cut International" (Press release). Business Wire. May 30, 2014.
  10. ↑ "Snap-on to Acquire Car-O-Liner" (Press release). Business Wire. October 17, 2016.
  11. ↑ Shafer, Dan (November 17, 2016). "Snap-on buys Illinois manufacturer Sturtevant Richmont for $13 million". American City Business Journals.
  12. ↑ Kirchen, Rich (April 18, 2017). "At Snap-on, Trump orders more federal contracts for American firms". American City Business Journals.
  13. ↑ Shafer, Dan (May 4, 2017). "Snap-on acquires British tool company for $72 million". American City Business Journals.
  14. ↑ "Sponsor extends Pedregon Racing partnership". Motor Sport. February 22, 2004.
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