Kenosha-based tool manufacturer Snap-on Inc. announced today that it acquired the assets of Italian manufacturer Ecotechnics S.p.A. for approximately $13 million.
Based in Sesto Fiorentino, Italy, Ecotechnics designs and manufactures automatic vehicle air conditioning maintenance equipment for OEM dealerships and the automotive aftermarket worldwide.
Snap-on said Ecotechnics will be part of the company’s repair systems and information group. Ecotechnics had approximately $12.4 million in sales in 2014.
Snap-on spokesman Rick Secor said Ecotechnics has about 50 employees, and the acquisition will not result in any name or location changes.
Last month, Snap-on reported a strong second quarter. It had a net income of $123 million, or $2.03 per share, up from $108.8 million, or $1.80 per share, in the second quarter of 2014.
“We’re encouraged by the ongoing progress reflected in our second quarter results, including 8.4 percent organic sales growth, a 17.7 percent operating margin before financial services, representing a 100 basis point improvement, and a 12.8 percent increase in diluted earnings per share,” said Nick Pinchuk, chairman and chief executive officer.
