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Letter to the Editor

Snap-on Names Nicholas T. Pinchuk Senior Vice President and President - Worldwide Commercial and Industrial Tools Group

Snap-on Incorporated has named Nicholas T. Pinchuk senior vice president and president - worldwide commercial and industrial tools group, effective June 24. He will have full responsibility for the worldwide professional tool and equipment products businesses.

Pinchuk was recently president, global refrigeration operations, a multi-billion dollar business unit of Carrier Corporation, a subsidiary of United Technologies Corporation. In that position, he led Carrier's expansion into refrigeration with responsibility for design, manufacturing, sales, parts and service worldwide. During his career, he has guided his operations to consistent profit improvement and to substantial share and revenue increases through both acquisitions and organic growth.

"Nick's extensive global experience in general management, finance and engineering will help Snap-on achieve its Driven to Deliver(TM) business process objectives emphasizing quality people, profitable growth and operational fitness," said Dale F. Elliott, Snap-on chairman, president and chief executive officer. "His broad knowledge of the industrial business will benefit Snap-on as we continue to expand our customer base and geographic reach."

Prior to his recent position, Pinchuk served in executive, operational, planning and financial capacities within Carrier and United Technologies, including: president, Asia-Pacific air conditioning operations; vice president, strategic planning; and chief financial officer, Carrier International Corporation. Before joining United Technologies, he was with the Ford Motor Company, where he held various financial and engineering positions.

Pinchuk received an M.B.A. from Harvard University, and master and bachelor of science degrees in electrical engineering from Rensselaer Polytechnic Institute.

Snap-on Incorporated is a global developer, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users.

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