Big things in store!
On January 31, 2018. Snap-on Industries acquired substantially all of the assets of George A. Sturdevant, Inc. (d/b/a Fastorq) including the ZipNut product line. The acquisition of the Fastorq complemented and increased Snap-on’s existing torque product offering and broadened its established capabilities in serving in critical industries. 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 and support its franchise business. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.7 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
About Snap-on Industries
Snap-on is rooted in the dignity of work. From our founding 99 years ago, we have been dedicated to this timeless principle. We celebrate this work and we celebrate our customers, the makers and the fixers, who perform day in and day out to move the world forward.
This strong connection is reflected in working men and women proudly displaying the Snap-on logo as a badge of their professionalism, calling our name their own. Snap-on is driven by the needs of the serious. Our customers are serious professionals and their work entails tasks of consequence, often in harsh and punishing conditions, where the cost of failure is high. Snap-on strives to provide them with the repeatability and reliability they need to get the job done. Furthermore, Snap-on is guided with the insight shaped by experience. We call on our customers where they perform their work. This presence, coupled with a broad and rich repository of data and knowledge gained from years of experience, has enabled us to develop a deep understanding of the challenges raised in the workplaces of today. We use this understanding to equip our customers with unique productivity solutions to successfully complete their tasks.
Since the 1920 invention of the original Snap-on interchangeable socket set, our principle value-creating mechanism has been to observe work, translate insights gained and create solutions to make tasks easier. Opportunities to leverage this approach, both within and beyond vehicle repair, are embodied in our runways for growth: enhance the franchise network, expand with repair shop owners and managers, extend in critical industries and build in emerging markets. In 2017, we continued to invest and make progress in each of these strategically decisive areas.
Through our Snap-on Value Creation Processes, we remain committed to improvement in the areas of safety, quality, customer connection, innovation and rapid continuous improvement (RCI). Our RCI framework is a structured set of tools and processes used across the corporation to eliminate waste and improve operations. Since its establishment at Snap-on in 2005, RCI has enabled us to deliver a significant improvement in operating margin before financial services.
Snap-on’s value proposition is to make work easier for serious professionals performing tasks of consequence where the costs of failure are high. As we move forward, we expect to continue to leverage this value proposition and make continued progress along our runways for both improvement and growth. Rooted in the dignity of work, driven by the needs of the serious, and guided by the insight shaped from experience, Snap-on remains uniquely positioned in the world of work. I thank our franchisees and associates around the world for their contributions and dedication and our customers and shareholders for their confidence and commitment
Nicholas T. Pinchuk
Chairman and Chief Executive Officer
Snap-on Incorporated
