The transaction also includes Norbar’s U.S. and Chinese joint ventures. Norbar’s annual revenue is about $41 million. It manufactures a full range of torque products, including wrenches, multipliers and calibrators used in the power generation, oil & gas, mining and railroad industries.
Snap-on makes tools, diagnostic and repair equipment. With the acquisition or Norbar, it has expanded its torque product line to key sectors, particularly with powered torque products. Norbar will be integrated with Snap-on’s Commercial & Industrial group.
This is the third acquisition Snap-on has made in the past 12 months. It acquired Swedish collision repair equipment and information and truck alignment systems distributor Car-O-Liner Holding AB for about $155 million in October. And it purchased Illinois-based mechanical and electronic toque wrench manufacturer Sturtevant Richmont for approximately $13 million in November.
Last month, Snap-on reported revenue gains in all its business segments and improved earnings by more than 10 percent during the first quarter. First quarter revenue was $887.1 million.