Snap-on Acquires Pro-Cut International
Snap-on Incorporated (NYSE: SNA), a leading manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users, has announced that it has acquired substantially all of the assets of Pro-Cut International, Inc. for approximately $42 million in cash.
Pro-Cut, with 2013 sales of approximately $24 million, designs, manufactures and distributes on-car brake lathes, related equipment and accessories used in brake servicing by automotive repair facilities.
“Pro-Cut’s advanced brake servicing product line enhances and increases Snap-on’s offering of productivity solutions for vehicle repair facilities, including independent shops, national service chains and OEM dealerships,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
“We believe Pro-Cut will be an important addition to our Repair Systems & Information Group,” he continued, “and will help us move further along our coherent growth runway of expanding with repair shop owners and managers.”
Category: General Update
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