Snap-on (NYSE: SNA) is a leading U.S. designer, manufacturer and marketer of tools and equipment to professional tool users. It was founded in 1920. Snap-on is located in Kenosha, Wisconsin, and employs thousands of people worldwide.
Snap-on also made an appearance in the movie Swordfish as well as other key television shows, such as American Chopper.
In 1999 it acquired the Swedish tool-maker Bahco.
History
The modern socket wrench, with interchangeable sockets, was invented by an American J.J. Richardson, of Woodstock, Vermont. The tool was patented through the Scientific American Patent Agency on June 18, 1863. The first illustration of the tool appears on pg. 248 of the April 16, 1864 issue of Scientific American.
Pioneering the idea of interchangeable sockets and wrench handles, Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles, a concept that created the modern socket wrench and revolutionized the tool industry.
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated the benefits, which became the cornerstone of the company's marketing success. As a result of this successful sales strategy, Palmer enlisted Newton Tarble to share the increasing workload. These four founders — Joseph Johnson, William Seidemann, Stanton Palmer, and Newton Tarble — were responsible for putting Snap-on tools on the map.
Shortly after its founding, Snap-on entered the international arena in 1931. Also in the 1930s, Snap-on began offering credit to customers, the first in the industry to do so. In the 1950s, Snap-on expanded on the concept of bringing product to the customer by using fully stocked walk-in vans and, as a result, pioneered today's familiar dealer van channel.
Snap-on also produces the Snap-on Scanner(TM), MODIS(TM) and other hand-held electronic diagnostic tools that help technicians repair the on-board computer systems used in most modern cars and heavy-duty vehicles, as well as automotive emissions control diagnostics equipment. Some of these tools include troubleshooter tips, tool that allows the technician to address the problem following step-by-step instructions, some tools also contain a precise lab and ignition scope to troubleshoot vehicle problems. All hand held tool software is frequently upgraded directly from Snap-on Franchisees so the vehicle coverage is always up-to-date. Much of this work is done at Snap-on Diagnostics facilities in San Jose, California, Lincolnshire, Illinois, Cork, Ireland, King's Lynn (England) and Noida, India.
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.
Electronic diagnostic tools
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). Snap-on diagnostic products are being sold in Europe and Brazil under the name Sun. Snap-on also offers tools under the brand name Blue-Point.
Snap-on has also produced the Snap-on Scanner, MODIS, ETHOS, SOLUS-PRO, VERUS, VANTAGE, and other hand-held electronic diagnostic tools packed with fast-track troubleshooter information that help technicians repair the on-board computer systems used in most modern cars and heavy-duty vehicles, as well as automotive emissions control diagnostics equipment (DGA). Most of these tools include troubleshooter tips, a tool that allows the technician to address the problem following step-by-step instructions, and pictures showing actual wire colors and pinouts of the components. Some tools, such as VANTAGE, also contain a precise lab and ignition scope to troubleshoot vehicle problems.
All hand held tool software is frequently upgraded by highly experienced at contracted technicians and former Automotive Master Technicians now hired by Snap-on as "File Managers" that work directly with the dealerships in developing field tests and diagnostic procedures used in the software. Master technicians keep the vehicle coverage up-to-date. Much of this work is done at Snap-on Diagnostics facilities in San Jose, California, Lincolnshire, Illinois, Cork, Ireland, King's Lynn, England, Noida, India and Santa Bárbara D' Oeste, Brazil.
Dealers
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.
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
The company has sponsored Penske Racing teams in the NASCAR Sprint Cup Series and Nationwide Series as well as IndyCar. The first driver Snap-on became associated with was Rick Mears in 1979. Since 1992, Snap-on has sponsored Cruz Pedregon. In 2004, the company began sponsoring Cruz’s brother Tony Pedregon.
Additional information and source: Snap-On