FMC Corp. announces sale of its automotive service equipment division to Snap-on Inc.CHICAGO--(BUSINESS WIRE)--Feb. 21, 1996--FMC Corp. and Snap-on Snap-on (NYSE: SNA) is a leading U.S. designer, manufacturer and marketer of tools and equipment to professional tool users. It was founded in 1920. Snap-on is located in Kenosha, Wisconsin, and employs approximately 11,500 people worldwide. The company is currently worth 2. Inc. Wednesday Wednesday: see week. announced that they have signed an agreement for Snap-on to purchase the Automotive Service Equipment Division of FMC See fixed mobile convergence. . The business comprises under-car service products sold under the FMC and John Bean John Edward Bean is a veteran of the far right scene in Britain, who has served in a number of movements down the years. Early life Born on 7th June 1927 in Carshalton, Surrey[1] brand names. The transaction, which is subject to requisite government approvals, is expected to be completed in the second quarter. Terms of the transaction were not disclosed. Snap-on, based in Kenosha, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. ., said the addition of this leading producer of quality wheel and brake service equipment represents another step toward building its complete under-car service capability. FMC has offered wheel alignment A wheel alignment is part of standard automobile maintenance that consists of adjusting the angles of the wheels so that they are set to the car maker's specification. The purpose of these adjustments is maximum tire life and vehicle-travel that is straight and true when driving and balancing, as well as brake and tire service equipment since 1925. The Automotive Service Equipment Division's strong international presence extends Snap-on's reach in the global market for under-car service equipment. At the same time, the transaction provides Snap-on with greater access to original equipment manufacturers and national service chains in the under-car market. Snap-on will operate the business as a stand-alone subsidiary and plans to offer the complete line of FMC automotive equipment under the John Bean brand name. These products will continue to be sold through current sales representatives and independent distributors. Snap-on said the new acquisition will benefit Snap-on, as well as the customers and the 400 employees of the Automotive Service Equipment Division. FMC is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $4.5 billion in 1995, with international sales to more than 100 countries accounting for 48 percent of total annual revenues. FMC employs 23,000 people at 100 manufacturing facilities and mines in 21 countries. The company divides its businesses into five major segments: Performance Chemicals, Industrial Chemicals, Machinery and Equipment, Defense Systems and Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . CONTACT: FMC Corp., Chicago Pat Brozowski, 312/861-6104 (media) Lisa Azzarello, 312/861-6921 (investors) or Snap-on Inc., Kenosha Rick Secor, 414/656-5717 (media) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion