Snap-on Acquires Mountz, Inc.

Rhea-AI Summary

Snap-on Incorporated (NYSE: SNA) has acquired Mountz, Inc. for approximately $40 million in cash on November 1, 2023. Mountz is a leading developer, manufacturer, and marketer of high-precision torque tools, including measurement, calibration, and documentation products. This acquisition expands Snap-on's torque offerings to customers in critical industries such as aerospace, transportation, and advanced manufacturing.

Further Expands Product Capabilities and End-Market Coverage of Torque Offerings to Critical Industries

KENOSHA, Wis.--(BUSINESS WIRE)-- Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks, today announced that it acquired Mountz, Inc. (“Mountz”) for approximately $40 million in cash on November 1, 2023.

Based in San Jose, California, Mountz is a leading developer, manufacturer, and marketer of high-precision torque tools, including measurement, calibration, and documentation products. The acquisition of Mountz complements and expands Snap-on’s torque offerings to customers in a variety of industries including aerospace, transportation, and advanced manufacturing. Applications range from assembly of electric vehicle batteries to production of charging infrastructure to fabrication of microelectronic componentry, including chips. Mountz will be part of the company’s Commercial & Industrial Group.

About Snap-on

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 including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.5 billion in 2022, and is headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231107445304/en/

For additional information, please visit www.snapon.com or contact:

Investors:

Sara Verbsky

262/656-4869

Media:

Samuel Bottum

262/656-5793

Source: Snap-on Incorporated

FAQ

What did Snap-on Incorporated announce?

Snap-on Incorporated announced the acquisition of Mountz, Inc. for approximately $40 million in cash on November 1, 2023.

Where is Mountz, Inc. based?

Mountz, Inc. is based in San Jose, California.

What type of products does Mountz, Inc. develop?

Mountz, Inc. develops high-precision torque tools, including measurement, calibration, and documentation products.

In which industries will Snap-on's torque offerings be expanded?

The torque offerings will be expanded to industries such as aerospace, transportation, and advanced manufacturing.