Snap-on Incorporated to Acquire Pro-Cut International for $45 Million (SNA)

Snap-on Incorporated (SNA) announced on Friday that it has agreed to acquire all of the assets of Pro-Cut International for $45 million.

Snap-on will acquire Pro-Cut for $45 million in cash. Pro-Cut is a manufacturer and designed of on-car brake equipment. The company’s sales were approximately $25 million in 2013.

Snap-On’s CEO and Chairman Nick Pinchuk commented: “Pro-Cut’s advanced brake servicing product line enhances and increases Snap-on’s offering of productivity solutions for vehicle repair facilities, including independent shops, national service chains and OEM dealerships.”

“We believe Pro-Cut will be an important addition to our Repair Systems & Information Group and will help us move further along our coherent growth runway of expanding with repair shop owners and managers. We look forward to welcoming Pro-Cut associates to the Snap-on family,” Pinchuk added.

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As of Market Close on May 29, 2014

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Snap-on shares were mostly flat during pre-market trading Friday. The stock is up 6.83% YTD.