Snap-On Tools sees sales increase $49m following Norbar acquisition

Snap-On Tools, which acquired Norbar Torque Tools in May, saw a rise in sales in Q2 2017, both organic and non-organic.

Net sales increased $49.1m (5.6%) from $921.4m, reflecting a £23.2m (2.7%) organic sales gain and $38.4m of acquisition-related sales. That figure was offset by $12.5m of unfavourable foreign currency translation.

Snap-On’s boss noted that the automotive market – key for the firm – remains robust.

“Our year-over-year improvement in operating margin before financial services reflects ongoing progress through our Snap-on Value Creation Processes,” said Nick Pinchuk, Snap-on Chairman and CEO. “At the same time, these results also demonstrate continued advancement along our strategic runways for growth, as indicated by the notable increase in activity in the quarter. Despite some sales headwinds in the quarter for the Snap-on Tools Group, we believe the vehicle repair markets in which we operate remain robust and afford significant ongoing opportunity.

“Furthermore, our acquisition of Norbar Torque Tools in the second quarter adds to our expanding product offering to customers in critical industries. Finally, these results would not have been possible without the dedication and capability of our franchisees and associates worldwide; I thank them for their extraordinary commitment and ongoing contributions.”

There’s more on the Norbar acquisition – and the reasons behind the deal – here.