Profile: Snap-On Inc (SNA.N)
10 Dec 2013
Snap-on Incorporated (Snap-on), incorporated June 4, 1930, is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. Snap-on’s 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 customers in industries, including aviation, 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. Snap-on markets its products and brands through a number of distribution sales channels in approximately 130 countries. Snap-on’s geographic markets include the United States, the United Kingdom, Canada, Germany, Australia, Japan, France, Sweden, Spain, the Russian Federation, Brazil, China, Italy, the Netherlands, Argentina, Indonesia, Denmark, Norway, Mexico and India. The Company business segments include the Commercial & Industrial Group; the Snap-on Tools Group; the Repair Systems & Information Group, and Financial Services. In May 2013, the Company acquired Challenger Lifts, Inc.
The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers worldwide, primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving automotive service technicians through the Company’s worldwide mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers, primarily owners and managers of independent repair shops and OEM dealership service and repair shops, through direct and distributor channels. Financial Services consists of the business operations of Snap-on Credit LLC (SOC), the Company’s wholly owned financial services business in the United States, and Snap-on’s other wholly owned finance subsidiaries in those international markets where Snap-on has franchise operations.
Tools, Diagnostics and Repair Information, and Equipment
The tools product category includes hand tools, power tools and tool storage products. Hand tools include wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments and other similar products. Power tools include cordless (battery), pneumatic (air), hydraulic, and corded (electric) tools such as impact wrenches, ratchets, chisels, drills, sanders, polishers and similar products. Tool storage includes tool chests, roll cabinets, tool control systems and other similar products. The majority of products are manufactured by Snap-on and, in completing the product offering, other items are purchased from external manufacturers. The diagnostics and repair information product category includes handheld and personal computer (PC)-based diagnostics products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer (OEM )purchasing facilitation services, and warranty management systems and analytics.
The equipment product category includes solutions for the diagnosis and service of vehicles and industrial equipment. Products include wheel alignment equipment, wheel balancers, tire changers, vehicle lifts, test lane systems, collision repair equipment, air conditioning service equipment, brake service equipment, fluid exchange equipment, transmission troubleshooting equipment, safety testing equipment, battery chargers and hoists. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs, as well as after sales support for its customers, primarily focusing on the technologies and the application of specific products developed and marketed by Snap-on. Its products are marketed under a number of brand names, which include Snap-on, ATI, BAHCO, Blackhawk, Blue-Point, Cartec, CDI, Fish and Hook, Hofmann, Irimo, John Bean, Lindstrom, Mitchell1, Sandflex, ShopKey, Sioux, Sun and Williams.
Snap-on generates revenue from various financing activities that include loans to franchisees’ customers and the Company’s industrial and other customers for the purchase or lease of tools, equipment and diagnostics products on an extended term payment plan, and business loans and vehicle leases to franchisees. In the United States, Snap-on offers financing through SOC. Snap-on provides financing for the majority of contracts originated by SOC. Snap-on also offers financing to its franchisees and customer networks through its wholly owned international finance subsidiaries located in Canada, the United Kingdom, Germany, Australia and Puerto Rico. Snap-on’s international finance subsidiaries own and service the loans originated through their financing programs. Financing revenue from these contracts is recognized over the contractual term of the loans, with interest computed on the average daily balances of the underlying contracts.
2801 80th Street
KENOSHA WI 53143