World Library  
Flag as Inappropriate
Email this Article
 

Snap-on

Snap-on
Public
Traded as NYSE: SNA
S&P 500 Component
Industry Manufacturing
Founded Milwaukee, Wisconsin, United States (1920 (1920))
Founder
  • Joseph Johnson
  • William Seidemann
Headquarters Kenosha, Wisconsin, United States
Key people
  • Thomas L. Kassouf
  • (VP & President of Tools Group)[2]
Products Professional Automotive and Industrial Tools and Equipment
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.

Contents

  • History 1
  • Products 2
  • Stores 3
  • Racing sponsorships 4
  • Gallery 5
  • Notes 6
  • References 7
  • External links 8

History

Snap-on was founded as the Snap-on Wrench Company in Milwaukee, Wisconsin in 1920 by Joseph Johnson and William Seidemann.[3] 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 "15 do the job of 50"

Snap-on walk-in dealer van, Westland, Michigan

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. Thus, Snap-on tools are sold only by dealers and none are sold in retail stores. Their quality is highly regarded but their prices are also among the very highest. 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 Murphy, North Carolina.

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. [4] 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, air, and electric tools designed for professional use in all facets of the transportation industry. Automotive, heavy-duty, equipment, marine, aviation, and railroad industries all are customers of Snap-on. Snap-on also distributes hand tools and power tools under the brand name Blue-Point, as an entry-level or price-conscious offering. Snap-on also manufactures tool storage cabinets in its Algona, Iowa plant. 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) in its San Jose, CA diagnostic facility. Snap-on diagnostic products are being sold in Europe and Brazil under the name Sun.[5]

Stores

Snap-on has always maintained the philosophy that the customer's time was too valuable to spend going shopping for tools. Snap-on Franchisees visit their customers in their place of work once weekly, in a van loaded with items for purchase. Purchase options range from Collect on Delivery, to a revolving account in which a customer pays a set portion of his balance weekly, to an extended credit program sponsored by Snap-on Credit for large purchases.

Recently, Snap-on has made other advances in their product showcasing. Newest among these are the Snap-on TechKnow Express, showcasing everything Snap-on has to offer in the realm of Diagnostic equipment, and the Rock 'n Roll Cab Express, a truck with various types of tool storage showing customization options, including units larger than what would fit on a standard Franchisee van. These trucks are typically assigned to a particular region and work within that region with individual Franchisees.

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.

Gallery

Notes

  1. ^ http://investing.businessweek.com/research/stocks/people/person.asp?personId=2508270&ticker=SNA
  2. ^ http://investing.businessweek.com/research/stocks/people/person.asp?personId=653231&ticker=SNA
  3. ^ Dave Lenckus (April 15, 2002), "Innovative tools, direct sales approach forge to form a Fortune 500 operation",  
  4. ^ "Business Wire",  
  5. ^ http://www.sun-diagnostics.com/ Snap-on Diagnostics site

References

  • Donnelly, Jim (February 2010). "Collecting Snap-on.com; Wrenching truths, yours for the checking".  
  • Murch, Frank. "Collecting Snap-on". Retrieved 2011-10-05. 

External links

  • Official website
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.