Snap-on Inc., Kenosha, WI, manufacturer of tools, diagnostics and equipment for professional users, has agreed to acquire ProQuest Business Solutions from ProQuest Company for about $480 million in cash plus $19 million of debt.
ProQuest Business Solutions’ products are aimed at helping original equipment manufacturers (OEMs) and their dealers enhance service operations. ProQuest Business Solutions’ products include integrated software, services and systems that transform complex technical data for parts catalogs into easily accessed electronic information (electronic parts catalogs (EPCs)).
Snap-on also recently announced sales of $599.5 million, up 8.2% in the third quarter 2006 over the same period a year ago, thanks to growth in emerging markets, higher sales of equipment and increased sales to U.S. industrial customers.
Profit was $28.2 million, compared with third-quarter 2005 profit of $21 million.
“We are encouraged with the progress made to date in executing our strategic initiatives to improve customer service and satisfaction, strengthen our brands and improve our global supply chain,” said Jack D. Michaels, Snap-on chairman, president and CEO.
