Chairman & CEO Message

Precision, Performance and Pride.
Each of these three words describes Snap-on.

We’re rooted in the critical and we provide solutions that enable our customers to move the world forward with some of the most exceptional applications requiring significant precision. Snap-on demonstrates performance, not only by equipping our customers with what they need to address today’s increasing complexities, but also by exhibiting growth and strong financial returns for our shareholders and other constituencies. Finally, Snap-on is pride, declaring the dignity of the work performed by serious professionals...everyday people who do extraordinary things. They know what they do is special and they take pride in it.

For over 95 years, our principle value-creating mechanism has been to observe work and translate the insights gained to create tools and solutions that make that work easier. Opportunities to leverage this value proposition, both within and beyond automotive repair, are embodied in our ‘runways for growth’: enhance the franchise network, expand with repair shop owners and managers, extend in critical industries and build in emerging markets.

At the same time, our pursuit of these objectives is guided by our commitment to our Snap-on Value Creation Processes, a suite of principles we use every day in the areas of safety, quality, customer connection, innovation and rapid continuous improvement (RCI).

We continually demonstrate our progress in providing repeatability and reliability to a wide range of professional customers performing critical tasks in workplaces of consequence around the world.

In our Commercial & Industrial Group (C&I), we serve a broad range of industrial and commercial customers, including professionals in critical industries and emerging markets, primarily through direct and distributor channels. The Snap-on Tools Group (SOT) is our franchised mobile van network primarily serving vehicle repair technicians. The Repair Systems & Information Group (RS&I) serves owners and managers of independent and OEM dealership service and repair shops. Aimed at supporting essential big ticket purchases by technicians and shops as well as our franchisees’ investments in their businesses, our Financial Services operation has a decades-long track record of providing financing to these particular constituencies in a variety of economic environments.

Our belief that Snap-on is well-positioned for the future is stronger than ever. While there will always be tailwinds and headwinds in the macro environment, the long-term opportunities for us to enable serious professionals in moving the world forward remain compelling. Trends such as aging vehicle PARC, changing technologies and increasing complexity necessitate a greater level of precision in the tasks our customers undertake and Snap-on can provide it. We expect to generate positive performance through both our Snap-on Value Creation Processes and our strategic runways for growth. Finally, in all we do, we remain dedicated to a timeless principle, respect for the dignity of work, and in so doing, Snap-on will continue to be a name our customers wear with pride.

In closing, I thank our franchisees and associates around the world for their contributions and dedication and our customers and shareholders for their confidence and commitment.

Nicholas T. Pinchuk
Chairman and Chief Executive Officer
Snap-on Incorporated

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