Snap-on buys Pro-Cut for US$42 million
Snap-on Incorporated of the USA has acquired Pro-Cut International, Inc. the world’s leading manufacturer of on-car brake disc lathes. Pro-Cut’s lathes are widely used in brake servicing by car repair workshops of all types. In the UK, Pro-Cut lathes are distributed by Haweka UK of Toddington, Gloucestershire.
Snap-on reports that it acquired all of the assets of Pro-Cut for approximately US$42 million in cash. Pro-Cut, with 2013 sales of approximately $24 million, designs, manufactures and distributes on-car brake lathes, related equipment and accessories used in brake servicing by automotive repair facilities.
“Pro-Cut’s advanced brake servicing product line enhances and increases Snap-on’s offering of productivity solutions for vehicle repair facilities, including independent shops, national service chains and OEM dealerships,” said Nick Pinchuk, Snap-on chairman and CEO.
“We believe Pro-Cut will be an important addition to our Repair Systems & Information Group and will help us move further along our coherent growth runway of expanding with repair shop owners and managers. We look forward to welcoming Pro-Cut associates to the Snap-on family.”
Jeff Hastings, President of Pro-Cut International, said: “Under our previous private ownership we had modest resources and modest aspirations. As part of the Snap-on family we will have higher expectations and far greater resources to recognize that vision. I believe it is a great opportunity for all of us who love (and make our living with) Pro-Cut. For the future everything stays the same, just with more tools to try to craft a better future for brake service.”
Peter Spraggs, director of Haweka UK, commented: “Haweka UK has recently renewed its long-term distribution agreement with Pro-Cut, and will continue to sell and support Pro-Cut lathes, accessories and machine servicing in the UK and Europe.”
The Pro-Cut on-car brake lathe is the fastest, most user-friendly and precise machine of its type in the world. It delivers better brakes for drivers and improves workshops’ service level and profitability.