Snap-on Acquires Cognitran Limited
08 Agosto 2019 - 7:30AM
Business Wire
Further Expands Capabilities in Repair and
Information Solutions
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 Cognitran
Limited (“Cognitran”) for approximately $31 million in cash. Based
in Chelmsford, United Kingdom, Cognitran specializes in flexible,
modular and highly scalable “Software as a Service” (SaaS) products
for original equipment manufacturer (“OEM”) customers and their
dealers, focused on the creation and delivery of service,
diagnostics, parts and repair information to the OEM dealers and
connected vehicle platforms. Cognitran will be part of the
company’s Repair Systems & Information Group. The acquisition
enhances and expands Snap‑on’s capabilities in providing shop
efficiency solutions through integrated upstream services to OEM
customers in automotive, heavy duty, agricultural and recreational
applications.
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. 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 and support its
franchise business. Products and services are sold through the
company’s franchisee, company-direct, distributor and internet
channels. Founded in 1920, Snap-on is a $3.7 billion, S&P 500
company 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 29, 2018, 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.
For additional information, please visit www.snapon.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190808005182/en/
Investors: Sara Verbsky 262/656-4869
Media: Samuel Bottum 262/656-5793
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