Quarterly Cash Dividend Increases to $0.32
KENOSHA, Wis., Nov 04, 2010 (BUSINESS WIRE) --
Snap-on Incorporated's (NYSE: SNA) Board of Directors declared today a
quarterly common stock dividend of $0.32 per share payable December 10,
2010, to shareholders of record on November 19, 2010. This represents a
per share increase of $0.02, or 6.7%, over Snap-on's previous quarterly
dividend of $0.30 per share.
"We believe our dividend is an important component of total return to
our shareholders. It's an essential part of our capital allocation
strategy, as evidenced by Snap-on's payment of consecutive quarterly
cash dividends, without interruption or reduction, since 1939," said
Nick Pinchuk, Snap-on chairman and chief executive officer. "This
increase in Snap-on's quarterly dividend underscores our commitment to
create long-term value for our shareholders and reflects our current
performance as well as our belief that Snap-on is well-positioned for
the future."
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. 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 customers in industry,
government, agriculture, aviation and natural resources. Products and
services are sold through the company's franchisee, company-direct,
distributor and Internet channels. Founded in 1920, Snap-on is a $2.4
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 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 or
contemplated in any forward-looking statement. 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 January 2, 2010,
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.
SOURCE: Snap-on Incorporated
Snap-on Incorporated
Investors:
Leslie Kratcoski, 262/656-6121
or
Media:
Richard Secor, 262/656-5561