Quarterly dividend increases to $0.30
KENOSHA, Wis.--(BUSINESS WIRE)--Nov. 1, 2007--The Snap-on
Incorporated (NYSE: SNA) board of directors declared today a quarterly
common stock dividend of $0.30 per share payable December 10, 2007 to
shareholders of record on November 19, 2007. This represents an
increase of 11.1% over Snap-on's previous quarterly dividend of $0.27
per share. Snap-on has paid consecutive quarterly cash dividends,
without interruption or reduction, since 1939.
"We believe our dividend is an important component of total return
to our shareholders. This increase in Snap-on's quarterly dividend
underscores our commitment to create superior long-term value for our
shareholders and reflects both our current performance as well as our
confidence in Snap-on's future," said Jack D. Michaels, Snap-on
chairman and chief executive officer. "By building on the improvement
initiatives already underway, and with a strong management team in
place, we believe we are well-positioned to drive profitable growth
over the long term."
Snap-on Incorporated is a leading global innovator, manufacturer
and marketer of tools, diagnostics and equipment solutions for
professional users. Product lines 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 customers in general industry, energy and natural
resources, aerospace, agriculture and construction. Products are sold
through its franchisees, company-direct sales and distributor
channels, as well as over the Internet. Founded in 1920, Snap-on is a
$2.7 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Forward-looking Statements
Statements in this news release that are not historical facts,
including statements (i) that include the words "expects," "plans,"
"targets," "estimates," "believes," "anticipates," or similar words
that reference Snap-on or its management; (ii) specifically identified
as forward-looking; or (iii) describing 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 contains 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 in any such statement. The company's actual
results may differ materially from those described or contemplated in
the forward-looking statements. 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 30,
2006, 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 on Snap-on, visit www.snapon.com.
CONTACT: Snap-on Incorporated
Media contact:
Richard Secor
262/656-5561
or
Investor contact:
Martin Ellen
262/656-6462
SOURCE: Snap-on Incorporated