Company:Snap-on

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Short description: American tool manufacturer
Snap-on Incorporated
TypePublic
IndustryManufacturing
FoundedApril 21, 1920; 104 years ago (April 21, 1920)
Milwaukee, Wisconsin, U.S.
Founders
  • Joseph Johnson
  • Bill Seidemann
Headquarters
Kenosha, Wisconsin, U.S.
Key people
  • Nicholas T. Pinchuk
    (Chairman & CEO)
  • Aldo J. Pagliari (CFO)
ProductsProfessional Automotive and Industrial Tools and Equipment
RevenueIncrease US$4.25 billion (2021)
Increase US$1.12 billion (2021)
Increase US$0.82 billion (2021)
Total assetsIncrease US$6.76 billion (2021)
Total equityIncrease US$4.18 billion (2021)
Number of employees
c. 12,800 (January 2022)
Websitewww.snapon.com
Footnotes / references
[1]
Snap-on walk-in dealer van in Westland, Michigan
A Snap-on ratcheting screwdriver

Snap-on Incorporated is an American 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. Headquartered in Kenosha, Wisconsin, Snap-on also distributes lower-end tools under the brand name Blue-Point. Their primary competitors include Matco, Mac Tools, and Cornwell Tools.

Operations

Snap-on Inc. operates plants in Milwaukee, Wisconsin, Elizabethton, Tennessee, and Elkmont, Alabama. 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.[3] The company's Milwaukee facility manufactures sockets, extension bars, pliers, screwdriver blades and bits.[4]

Snap-on produces hand-held electronic diagnostic tools for the computer systems used in most modern cars and heavy duty vehicles at their Kenosha site. Software development happens in the US, Ireland, Australia, Mexico, Brazil and China. Automotive emissions control diagnostics equipment is produced in its San Jose, California diagnostic facility. Snap-on diagnostic products are sold in Europe and Brazil under the name Sun.

Sales approach

Retail stores do not sell Snap-on tools, which are only available through dealers. For Snap-on, shopping for tools has always been time-consuming. In a van loaded with items for sale, Snap-on franchisees can visit their customers' workplaces weekly.[5][6]

The Snap-on TechKnow Express is a van that showcases everything Snap-on has to offer in the realm of diagnostic equipment,[6] 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.[6][7]

History

Snap-on was founded as the Snap-on Wrench Company in Milwaukee, Wisconsin in 1920 by Joseph Johnson and William Seidemann.[8] 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".[9] In 1930, the company's headquarters moved to Kenosha, Wisconsin.[10][11][8]

After World War II, Stanton Palmer advertised for a military officer to organize and develop a larger sales force for the expected post war sales boom.[12] 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 1956, the company continued to expand with the use of test equipment and wheel service products. This was the start of the company's jump into manufacturing automotive test equipment into the Snap-On line. Equipment included voltmeters, ammeters, disruptors, and alternator testers.[8]

The company opened its wrench forging plant in Elizabethton, Tennessee in 1974.[13] The next year, Snap-on opened a manufacturing plant in Johnson City, Tennessee and closed the plant in 2007.[14]

In 1998, workers at the company's Milwaukee plant voted to join the Teamsters labor union[15] and the company expanded the facility in 2013.[16] Also in 1998, the company began a partnership with Lowe's home improvement chain retailer to produce its Kobalt line of tools.

In 2010, the Murphy, North Carolina plant was named one of the top 10 plants in North America by IndustryWeek.[17] In 2011, J.H. Williams & Co was officially renamed Snap-on Industrial Brands.[citation needed]

In 2022, the company announced an expansion to its Milwaukee facility to grow its hand tool business.[4][18]

Acquisitions

In 2014, the company acquired New Hampshire–based Pro-Cut for $42 million.[19]

In October 2016, the company acquired Car-O-Liner Holding AB, a Swedish collision repair tool company, for $155 million. Later that year, the company acquired Sturtevant Richmont for $13 million.[20]

In May 2017, the company acquired Norbar Torque Tools Holdings Limited for $72 million.[21]

In September 2020, the company acquired AutoCrib Inc. based in Tustin, California for $36 million.[22]

In March 2021, Snap-on acquired Canada-based Dealer-FX Group for $200 million.[23]

Racing sponsorships

The company has sponsored Penske Racing teams in the NASCAR Cup Series and Xfinity 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. In 2004, the company began sponsoring Cruz’s brother Tony Pedregon. Snap-on has also sponsored Repsol Honda Team in MotoGP since 1998.[24]

Snap-on sponsored NHRA drag racer Doug Herbert from 1992 until 2008.[25] For the 2010 racing season, the company sponsored Penske Racing.[26]

References

  1. ↑ "Snap-on Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 11, 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/91440/000009144022000005/sna-20220101.htm. 
  2. ↑ 2017 Snap-on catalog, p. 1
  3. ↑ "Snap-on to expand in Algona" (in en). https://globegazette.com/business/snap-on-to-expand-in-algona/article_df28e615-85a6-5464-8f6b-d640ea24ea6d.html. 
  4. ↑ 4.0 4.1 Smart, Ashley (September 1, 2022). "Snap-on to expand its Milwaukee facility" (in en-US). https://biztimes.com/snap-on-to-expand-its-milwaukee-facility/. 
  5. ↑ "Snap-on Franchise Cost & Fees | How To Open | Opportunities And Investment Information" (in en). https://topfranchise.com/products/snap-on-tools-franchise/. 
  6. ↑ 6.0 6.1 6.2 Rifkin, Glenn. "How Snap-on Tools Ratchets Its Brand" (in en-us). https://www.strategy-business.com/article/9598. 
  7. ↑ "How to Locate a Snap-on Tool Sales Representative" (in en). https://bizfluent.com/how-8241595-locate-snapon-tool-salesman.html. 
  8. ↑ 8.0 8.1 8.2 "Snap-on Tools History: Founding, Timeline, and Milestones - Zippia" (in en-US). August 27, 2020. https://www.zippia.com/snap-on-careers-10542/history/. 
  9. ↑ Snap-on Museum Experience
  10. ↑ Rovito, Rich (April 27, 2020). "Is It Still Made in Wisconsin?" (in en-US). https://www.milwaukeemag.com/is-it-still-made-in-wisconsin/. 
  11. ↑ "Snap-On timeline" (in en). https://www.kenoshanews.com/snap-on-timeline/article_c31066ed-a7cb-51ee-8030-33fc230e3013.html. 
  12. ↑ "Snap On, Incorporated". March 21, 2021. https://www.snapon.com/EN/Our-Company/Our-History. 
  13. ↑ Thompson, John. "Snap-on plant in Elizabethton joins in company's centennial celebration" (in en). https://www.johnsoncitypress.com/news/snap-on-plant-in-elizabethton-joins-in-companys-centennial-celebration/article_fb27853a-2943-11eb-8b8d-873700255141.html. 
  14. ↑ KEELING, JEFF. "Snap-on Tools closing Johnson City plant - 150 to lose job; Elizabethton Plant to continue operations" (in en). Kingsport, Tenn.. https://www.timesnews.net/news/local-news/snap-on-tools-closing-johnson-city-plant---150-to-lose-job-elizabethton-plant/article_ee325c44-fde3-5ff5-8682-e58c981ba2ff.html. 
  15. ↑ Gallun, Alby (September 6, 1998). "Snap-on workers vote to join Teamsters". American City Business Journals. https://www.bizjournals.com/milwaukee/stories/1998/09/07/story8.html. 
  16. ↑ Lockwood, Denise (December 18, 2013). "Snap-on expands Milwaukee hand tool facility". American City Business Journals. https://www.bizjournals.com/milwaukee/news/2013/12/18/snap-on-expands-hand-tool-facility.html. 
  17. ↑ Jusko, Jill (December 14, 2010). "2010 IW Best Plants Winners: Excellence Thrives". https://www.industryweek.com/resources/industryweek-best-plants-awards/article/21965396/2010-iw-best-plants-winners-excellence-thrives. 
  18. ↑ Kirchen, Rich (August 30, 2022). "Seeking more capacity, Snap-on will expand Milwaukee plant". https://www.bizjournals.com/milwaukee/news/2022/08/30/snap-on-expansion.html. 
  19. ↑ Lockwood, Denise (June 2, 2014). "Snap-on acquires New Hampshire manufacturer". American City Business Journals. https://www.bizjournals.com/milwaukee/news/2014/05/30/snap-on-acquires-new-hampshire-manufacturer.html. 
  20. ↑ Shafer, Dan (November 17, 2016). "Snap-on buys Illinois manufacturer Sturtevant Richmont for $13 million". American City Business Journals. https://www.bizjournals.com/milwaukee/news/2016/11/17/snap-on-buys-illinois-manufacturer-sturtevant.html. 
  21. ↑ Shafer, Dan (May 4, 2017). "Snap-on acquires British tool company for $72 million". American City Business Journals. https://www.bizjournals.com/milwaukee/news/2017/05/04/snap-on-acquires-british-tool-company-for-72.html. 
  22. ↑ "Snap-on Acquires AutoCrib". September 29, 2020. https://www.mdm.com/news/operations/snap-on-acquires-autocrib/. 
  23. ↑ Lawson, James (March 8, 2021). "Snap-On acquires Canadian-based Dealer-FX Group for $200 million" (in en). https://www.kenoshanews.com/business/local/snap-on-acquires-canadian-based-dealer-fx-group-for-200-million/article_24d62895-4207-5597-b46d-7ef0f07f7c4e.html. 
  24. ↑ "Repsol Honda Team Sponsors". Repsol Honda Team. 2019. https://motogp.hondaracingcorporation.com/sponsors/. 
  25. ↑ "Doug Herbert and Snap-on End 16-Year Relationship". https://www.dragracecentral.com/DRCStory.asp?ID=173215. 
  26. ↑ "Snap-on to Sponsor Sprint Cup, Nationwide, IRL, NHRA teams". December 31, 2019. https://www.vehicleservicepros.com/shop-operations/collision-repair/customer-relations/article/21174090/snap-on-to-sponsor-sprint-cup-nationwide-irl-nhra-teams. 

External links



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