Your Source for Up-To-Date News and Research on the Collision Repair Industry
click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email
SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor
Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide
Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...
Feedback
Letter to the Editor
Friday December 13
Snap-on to Acquire Vehicle Diagnostics and Telematics Assets of Nexiq Technologies
Snap-on Incorporated has signed an agreement to acquire assets related to the vehicle scanner and eTechnician(TM) operations of Nexiq Technologies based in Sterling Heights, Mich. The assets include those associated with industry-leading, heavy-duty truck, diesel and off-road vehicle diagnostics and telematics products and services. Revenues from these offerings totaled approximately $12 million in Nexiq's fiscal year ended September 29, 2002. The transaction is expected to close prior to year end.For a purchase price of $7 million, Snap-on will acquire intellectual property ownership and diagnostics expertise in heavy-duty vehicle hand-held scan tools, such as the Pro-Link Plus diagnostic system. Snap-on will also gain inroads into the telematics arena with eTechnician, a Web-based remote vehicle monitoring and diagnostics application.
"These products represent a near-neighbor opportunity and are an excellent strategic fit for Snap-on, giving us immediate increased access to the heavy-duty truck and off-road vehicle diagnostics marketplace," said Al Biland, Snap-on vice president - chief information officer and president - diagnostics and information group. "These assets also provide Snap-on with enhanced diesel and essential diagnostic tool expertise and relationships, while presenting intriguing opportunities with the telematics technologies.
"Snap-on's financial, business process and distribution strengths, combined with these innovative products and services, are expected to facilitate the expansion of our instrumentation with information philosophy in the vehicle-service marketplace. These offerings are an important addition to our growth platform, and we expect to rapidly integrate them into our diagnostics business," said Biland.
Snap-on Incorporated is a global developer, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software and other solutions for transportation-service, industrial, government, education and agricultural customers, and other commercial applications, including construction and electrical. Products are sold through its franchise dealer van, company direct sales and distributor channels, and the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 13,200 people worldwide.
©2002 Collision Repair Industry INSIGHT
All Rights Reserved
FEATURED
LINKS:
INSIGHT Supports the NABC!
Do You?