Kenosha Wi., April 1 /PRNewswire-FirstCall
Snap-On Incorporated buys Central Purchasing -Harbor Freight
Today Snap-on Incorporated announce the purchase of Central purchasing best known as the owner of Harbor Freight Tools.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users. 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 customers in industry, government, agriculture, aviation and natural resources. Products and services are sold through the company's franchisee, company-direct, distributor and Internet channels. Founded in 1920, Snap-on is a $2.8 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Central Purchasing certainly could lay claim to the expression "the right tool for the job." The company, better recognized by its trade name, Harbor Freight Tools, is one of the country's largest tool and equipment catalog retailers. Harbor Freight Tools offers more than 7,000 tools and equipment items, including products marketed under such brands as Central Machinery, Chicago Electric, DeWalt, Makita, Pittsburgh, and Stanley. The company also sells via the Internet and through a network of about 325 retail stores in more than 47 states. It was founded in 1968.
David Martin, Vice President of Marketing for Snap-on issued the following statement. "We are very excited about the new markets that Harbor Freight brings to the Snap-on family. This will allow us to introduce lower cost, value oriented tools to mechanics at dealerships and repair centers. We are also exited to be able to bring the Snap-on line to all of 325 Harbor Freight retail stores which will make the world famous Snap-on brand available to the everyday consumer. This is a true win-win situation. Harbor Freight also has extensive global manufacturing contacts so we should be able to produce our quality Snap-on tools at a much lower price point which will mean more value to our customer base"
Snap-On Inc. is acquiring 100% of the outstanding shares of Central Purchasing for $631.2 million. The original negotiations were rumored to have a target price of $789 million but Snap-on used one of the Harbor Freight 20% coupons to get the entire company for $631.2million.
Central Purchasing, Inc.
3491 Mission Oaks Blvd.
Camarillo, CA 93011
Snap-On Incorporated buys Central Purchasing -Harbor Freight
Today Snap-on Incorporated announce the purchase of Central purchasing best known as the owner of Harbor Freight Tools.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users. 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 customers in industry, government, agriculture, aviation and natural resources. Products and services are sold through the company's franchisee, company-direct, distributor and Internet channels. Founded in 1920, Snap-on is a $2.8 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Central Purchasing certainly could lay claim to the expression "the right tool for the job." The company, better recognized by its trade name, Harbor Freight Tools, is one of the country's largest tool and equipment catalog retailers. Harbor Freight Tools offers more than 7,000 tools and equipment items, including products marketed under such brands as Central Machinery, Chicago Electric, DeWalt, Makita, Pittsburgh, and Stanley. The company also sells via the Internet and through a network of about 325 retail stores in more than 47 states. It was founded in 1968.
David Martin, Vice President of Marketing for Snap-on issued the following statement. "We are very excited about the new markets that Harbor Freight brings to the Snap-on family. This will allow us to introduce lower cost, value oriented tools to mechanics at dealerships and repair centers. We are also exited to be able to bring the Snap-on line to all of 325 Harbor Freight retail stores which will make the world famous Snap-on brand available to the everyday consumer. This is a true win-win situation. Harbor Freight also has extensive global manufacturing contacts so we should be able to produce our quality Snap-on tools at a much lower price point which will mean more value to our customer base"
Snap-On Inc. is acquiring 100% of the outstanding shares of Central Purchasing for $631.2 million. The original negotiations were rumored to have a target price of $789 million but Snap-on used one of the Harbor Freight 20% coupons to get the entire company for $631.2million.
Central Purchasing, Inc.
3491 Mission Oaks Blvd.
Camarillo, CA 93011
