Snap-on to Acquire Car-O-Liner
October 17 2016 - 6:45AM
Business Wire
Further Expands Capabilities with Repair
Shop Owners and Managers
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.”
About Snap-on
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.
Forward-looking
Statements
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 may contain
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, 2016, 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.
For additional information, please visit www.snapon.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161017005397/en/
Snap-on IncorporatedInvestors:Leslie Kratcoski,
262-656-6121orMedia:Richard Secor, 262-656-5561
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