| Type | Public (NYSE: SNA) S&P 500 Component |
|---|---|
| Industry | Manufacturing |
| Founded | 1920 |
| Headquarters | Kenosha, Wisconsin |
| Key people | Nicholas T. Pinchuk, President & CEO |
| Products | Professional hand tools |
| Revenue | $2.9 billion |
| Website | www.snapon.com |
Snap-on (NYSE: SNA) is a leading US designer, manufacturer and marketer of tools and equipment to professional tool users. It was founded in 1920. Snap-on is located in Kenosha, Wisconsin, and employs approximately 11,500 people worldwide. The company is currently worth US$ 2.4 billion and is one of the companies on the S&P 500.
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Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles.
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated their use. Palmer enlisted Newton Tarble to share the increasing workload.
Snap-on entered global markets in 1931. Also in the 1930s, Snap-on began offering credit to customers. In the 1950s, Snap-on expanded on the concept of bringing product to the customer by using fully stocked walk-in vans.
Snap-on also produces hand-held electronic diagnostic tools for the on-board computer systems used in most modern cars and heavy-duty vehicles, as well as automotive emissions control diagnostics equipment (DGA).
Snap-on diagnostic products are being sold in Europe under the name Sun.[1]
In 1999 it acquired Bahco, a Swedish hand tool brand. Bahco hand tools are designed and manufactured by SNA Europe, the European manufacturing subsidiary of Snap-on Incorporated.
Since the early 1980s, Snap-on has been sponsoring Penske racing teams in the NASCAR Sprint and Nationwide series as well Indy Racing League (IRL).
Snap-on is an associate sponsor of the Team Rensi Nationwide team featuring driver Eric McClure.
Nearly 20 years ago, Snap-on began an association with two time NHRA world champion Cruz Pedregon. In 2004, Snap-on began an association with Cruz’s brother Tony Pedregon, a two time champion himself.