Snap-On Buys Sturtevant Richmont To Drive Industrial Unit
Zacks Investment Research | Nov 17, 2016 08:06PM ET
Supplier of diagnostics systems and software, Snap-on Incorporated (NYSE:SNA) , recently announced that it has acquired torque wrench marker, Sturtevant Richmont, for $13 million in cash. This is Snap-On’s second strategic buyout in fourth-quarter 2016, after it entered into a definitive agreement to purchase Car-O-Liner, earlier in October.
Sturtevant Richmont Buyout
Carol Stream, IL-based firm – Sturtevant Richmont – is engaged in designing, manufacturing and distributing mechanical and electronic torque wrenches. With average annual sales of $10 million, Sturtevant Richmont has earned a solid reputation among clients for providing wireless, torque error proofing systems for a gamut of industrial applications.
Sturtevant Richmont will be integrated into Snap-On’s Commercial & Industrial Group to fortify its product line that uses torque applications. Snap-On believes that this strategic buyout will help it improve critical mechanical performance by addressing critical torque requirements.
Acquisitions to Stoke Growth
Of late, Snap-On has been diligently pursuing acquisitions to bolster its core businesses in key markets. About a month ago, it inked an agreement to buy Sweden-based firm – Car-O-Liner – for $155 million. This acquisition is expected to be conducive to the growth of the company’s Repair Systems & Information Group business, by boosting its stronghold in the auto as well as heavy duty markets. Snap-On perceives that this acquisition will go a long way in improving its relationship with repair shop owners and managers.
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