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Snap-on Buys AutoCrib, for $36M

Awardee Story Snap-on Buys AutoCrib, for $36M
Date: Oct 08, 2020

Source: FinSMEs ( click here to go to the source)

Snap-on Incorporated (NYSE: SNA), a Kenosha, Wis.- based global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, acquired the assets of AutoCrib, Inc., a Tustin, California-based designer, manufacturer and marketer of tool and asset control solutions, for approximately $36m in cash.

AutoCrib will be part of the company's Commercial & Industrial Group, effective with Snap-on's 2020 fiscal fourth quarter. The acquisition complements and expands Snap-on's existing tool control offering to customers in a variety of industrial applications, including aerospace, automotive, military, natural resources and general industry.

AutoCrib is a designer, manufacturer and marketer of tool and asset control solutions. The company's diverse product line, in combination with its flexible asset tracking software, authors customized systems that ensure accountability, control and accuracy for a wide range of critical industries.

The company has sales of approximately $30m in 2019.

Founded in 1920, Snap-on is a 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. Snap-on is a $3.7 billion, S&P 500 company.

FinSMEs

08/10/2020

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