Snap-On ends CIT joint venture

NEW YORK (Reuters) - Tool manufacturer Snap-on Inc (SNA.N) said on Thursday it has ended its joint venture with troubled lender CIT (CIT.N).

Snap-On said it has notified CIT of termination of the operating agreement relating to their Snap-on Credit LLC joint venture. The joint venture was established in 1999 and provides a broad range of financial services to Snap-on's U.S. franchisees and customers.

The company said as a consequence of the termination, Snap-on will buy out CIT's interest in the joint venture for around $8.2 million. Snap-on Credit will continue to service the existing portfolio of around $834 million in contracts owned by CIT.

(Reporting by Yinka Adegoke; Editing Bernard Orr)