Kenosha-based Snap-on Inc. has agreed to acquire Gothenburg, Sweden-based Car-O-Liner Holding AB for about $155 million in cash.
Snap-on, which manufactures tools and equipment for professional users, expects to complete the transaction in the next 30 days.
Car-O-Liner distributes collision repair equipment and information and truck alignment systems. The company had sales of $95 million over the trailing year. It has about 375 employees at 13 global facilities, including one U.S. location in Wixom, Michigan.
Snap-on, founded in 1920, has annual revenue of about $3.4 billion. It has about 11,500 employees around the world.
There are no plans for any layoffs or facility closures in the integration, said Richard Secor, a Snap-on spokesperson.
The acquisition brings Snap-on greater capabilities and extends its product offering in collision repair, both in automotive and heavy-duty truck, Secor said. Technology and materials being used in vehicles today, such as all-aluminum body trucks, have driven the need for greater precision and expanded capabilities in collision repair.
“Car-O-Liner’s product offering and special expertise are important additions to our Repair Systems & Information Group, bringing greater capabilities in collision repair and strengthening Snap-on’s position in the heavy duty segment,” said Nick Pinchuk, chairman and chief executive officer of Snap-on. “Given trends in the collision space, including the need for greater precision, the requirement to accommodate new materials and the higher emphasis on shop efficiency, we believe this acquisition will further Snap-on’s progress along its strategic and coherent growth runway of expanding with repair shop owners and managers. We look forward to welcoming Car-O-Liner associates to the Snap-on family.”
