Further Expands Product Capabilities and End-Market Coverage of Torque Offering 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 has acquired Norbar Torque Tools Holdings Limited, along with its U.S. and Chinese joint ventures, (“Norbar”) for approximately $72 million. Based in Banbury, United Kingdom, with annual sales of approximately $41 million, Norbar is a leading European manufacturer of a full range of torque products, including wrenches, multipliers and calibrators and has a strong presence in critical industries, including power generation, oil & gas, mining and railroad. The acquisition of Norbar, which will be part of the company’s Commercial & Industrial Group, complements and expands Snap-on’s existing torque offering to critical industries, particularly in powered torque products.
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. 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. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.4 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
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