Snap-on
 Being a Pro Matters | |
| Type | Public |
|---|---|
| Traded as |
NYSE: SNA S&P 500 Component |
| Industry | Manufacturing |
| Founded | Milwaukee, Wisconsin, United States (1920) |
| Founder(s) |
|
| Headquarters | Kenosha, Wisconsin, United States |
| Key people | |
| Products | Professional hand tools |
| Revenue | $2.9 billion |
| Website | www.snapon.com |
Snap-on is a US designer, manufacturer and marketer of high-end tools and equipment to professional tool users. Founded in 1920, Snap-on is located in Kenosha, Wisconsin, and employs approximately 11,500 people worldwide. The company is currently worth US$ 2.4 billion and is included in the S&P 500.
History
Snap-on was founded as the Snap-on Wrench Company in Milwaukee, Wisconsin in 1920 by Joseph Johnson and William Seidemann.[1] As a new socket wrench manufacturing company, the business manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. Their slogan was "5 (handles) do the job of 50"
After World War II, Palmer advertised for a military officer to organize and develop a larger sales force for the expected post-war sales boom. 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. Snap-on currently operates plants in various states and cities such as Milwaukee, Wisconsin and Elizabethton, Tennessee, which manufacture hand tools. Pneumatic tools are currently manufactured in Natick, Massachusetts.
In 1975, Snap-on opened a manufacturing plant in Johnson City, Tennessee and closed the plant 32 years later in 2007. The Murphy, North Carolina plant was named as one of the top 10 plants in North America by Industry Week. [2] In 1999, Snap-on 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.
Products
Snap-on 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/PGA-500/CSM-5000). Snap-on diagnostic products are being sold in Europe and Brazil under the name Sun.[3] Snap-on also offers tools under the brand name Blue-Point.
Racing sponsorships
Since the early 1980s, Snap-on has been sponsoring Penske Racing teams in the NASCAR Sprint and Nationwide Series as well as Championship Auto Race Teams (CART) and the Indy Racing League (IRL). The first driver Snap-on became associated with was Rick Mears in 1979. Rick went on to be a 4 time Indy 500 Winner. 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.
Notes
- ↑ Dave Lenckus (April 15, 2002), "Innovative tools, direct sales approach forge to form a Fortune 500 operation", Business Insurance 36 (15): 11, retrieved January 9, 2014
- ↑ "Business Wire", Industry Week, January 19, 2011, retrieved January 13, 2014
- ↑ http://www.sun-diagnostics.com/ Snap-on Diagnostics site
References
- Donnelly, Jim (February 2010). "Collecting Snap-On.com; Wrenching truths, yours for the checking". Hemmings Motor News. Retrieved 2011-10-06
- Murch, Frank. "Collecting Snap-on". Retrieved 2011-10-05.