Snap-on Incorporated Announces $500 Million Share Repurchase Authorization
August 07 2017 - 5:45AM
Business Wire
Snap-on Incorporated (NYSE: SNA), a leading global innovator,
manufacturer and marketer of tools, equipment, diagnostics, repair
information and systems solutions for professional users performing
critical tasks, today announced that its board of directors has
authorized a share repurchase program of up to $500 million of
common stock that replaces two previously approved share repurchase
programs under which approximately $116 million of authorization
remained. A third previously approved share repurchase program,
which allows the repurchase of up to the number of shares issued
under the company’s various equity plans, remains in place.
Including the new authorization, total share repurchase
availability currently stands at approximately $501 million.
“This new share repurchase program reinforces our commitment to
create long-term value for our shareholders and our belief that
Snap-on is well-positioned for the future,” said Nick Pinchuk,
Snap-on chairman and chief executive officer. “We’re encouraged
that our strong financial position and cash generation enable us to
return capital to our shareholders, along with our long-standing
dividend, through a more substantial share buyback program. At the
same time, our priorities for capital allocation include continuing
to strategically invest, both organically and through acquisitions,
along our defined runways for growth and improvement.”
Shares may be repurchased from time to time in the open market
or through privately negotiated transactions, subject to applicable
laws and regulations. The company intends to fund repurchases
through a combination of available cash and debt.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer
and marketer of tools, equipment, diagnostics, repair information
and systems solutions for professional users performing critical
tasks. Products and services include hand and power tools, tool
storage, diagnostics software, information and management systems,
shop equipment and other solutions for vehicle dealerships and
repair centers, as well as for customers in industries, including
aviation and aerospace, agriculture, construction, government and
military, mining, natural resources, power generation and technical
education. Snap-on also derives income from various financing
programs to facilitate the sales of its products and support its
franchise business. Products and services are sold through the
company’s franchisee, company-direct, distributor and internet
channels. Founded in 1920, Snap-on is a $3.4 billion, S&P 500
company headquartered in Kenosha, Wisconsin.
Forward-looking
Statements
Statements in this news release that are not historical facts,
including statements that (i) are in the future tense; (ii) include
the words “expects,” “anticipates,” “intends,” “approximates,” or
similar words that reference Snap-on or its management; (iii) are
specifically identified as forward-looking; or (iv) describe
Snap-on’s or management’s future outlook, plans, estimates,
objectives or goals, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Snap-on cautions the reader that this news release may contain
statements, including earnings projections, that are
forward-looking in nature and were developed by management in good
faith and, accordingly, are subject to risks and uncertainties
regarding Snap-on’s expected results that could cause (and in some
cases have caused) actual results to differ materially from those
described or contemplated in any forward-looking statement. In
particular, Snap-on cannot provide assurances regarding any
particular market reaction to share repurchases, or related effects
on the value of its shares, because that reaction is not under the
company’s control and is subject to changes in the market unrelated
to Snap-on; nor can Snap-on provide any assurances regarding its
ability to repurchase shares on acceptable terms. Market conditions
may also affect whether the repurchases are in fact accretive.
Additional factors that may cause the company’s actual results to
differ materially from those contained in the forward-looking
statements include those found in the company’s reports filed with
the Securities and Exchange Commission, including the information
under the “Safe Harbor” and “Risk Factors” headings in its Annual
Report on Form 10-K for the fiscal year ended December 31, 2016,
which are incorporated herein by reference. Snap-on disclaims any
responsibility to update any forward-looking statement provided in
this news release, except as required by law.
For additional information, please visit www.snapon.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170807005185/en/
Snap-on IncorporatedInvestors:Leslie
Kratcoski262/656-6121orMedia:Richard Secor262/656-5561
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