101 years ago in 1920, Snap-On was founded by Joseph Johnston and William Seidemann, who are still the named founders today. The company was originally founded as the Snap-On Wrench Company, then in 2011, it was officially changed to Snap-On Industrial Brands. Other important members of the company include the chairman & CEO Nicholas T. Pinchuk and CFO Aldo J. Pagliari.
In this article, we will be going into more detail about the history and ownership of Snap-On.
What is Snap-On?
Snap-On Incorporated is an original American manufacturer, designer, and marketer of professional high-end equipment and tools for use within the transportation/shipment industry. This includes a range of industries such as marine, aviation, heavy-duty, automotive, and railroad.
Lower-end, affordable tools are also available through Snap-On’s distributor, under the trademark name Blue-Point. The companies in the same product line and pose as Snap-On’s primary adversary include Mac Tools, Cornwell Tools, and Matco.
Who are the main stockholders of Snap-On?
Snap-On has many shareholders including mutual fund holders, individual stakeholders, and other institutions, however, the graph below only states the main 10. The current shares owned are based on the most updated findings, and vary frequently.
|The Vanguard Group||11.20%||6,046,244|
|BlackRock Fund Advisors||5.27%||2,845,008|
|SSga Funds Management||4.56%||2,460,215|
|Managed Account Advisors||2.33%||1,259,192|
|T.Rowe Price Associates||2.31%||1,247,652|
|Dimensional Fund Advisors||2.12%||1,143,922|
|JP Morgan Investment Management||2.06%||1,110,085|
|Geode Capital Management||1.98%||1,066,672|
|Columbia Management Investments||1.64%||883,815|
When and where was Snap-On invented?
Snap-On was invented over 100 years ago in Milwaukee, Wisconsin by Joseph Johnson and his co-worker Bill Seidemann. Since the beginning, the company has grown in success, and therefore in expansion. Now, there are manufacturing plants in several locations around America including Tennessee and Alabama. There is also a smaller plant in North Carolina that focuses on purely Pneumatic and cordless tools.
Are Snap-On products made in China?
Nowadays, only certain Snap-On Products are still made in America, with a large chunk of handmade tools continuing to be made in their headquarters, Milwaukee. Nonetheless, as the company has grown, so have its manufacturing plants – but with this being said, Snap-On currently has 10 different manufacturing facilities in varied locations around America.
The 11 international plants are located around Europe, Asia, and South American including China, Spain, Sweden, England, and Brazil.
Many of the company’s most popular tools are still made in the US, these include; wrenches, screwdrivers, sandblasters, ratchets, and roll cabs. However, the popular tools that are no longer made in the US, which often surprises people, are the following; gas torches, welding helmets, safety gloves, air compressors, cordless screwdriver kits, and variable speed polishers. The majority of the products are made in China.
What is the history of Snap-On?
With the popularity of the automobile rising in the 1920s, there became an ever-demanding need for emerging automobile industries. Johnson was an engineer, raised in Milwaukee, and through this cultural change, he took the opportunity to revolutionalize mechanical repairs.
Johnson and Seidemann spent their weekends grueling over the making of a sample set of five handles and ten sockets. This small amount was all it took for the pair to generate over 500 C.O.D orders. With such quick success, it’s no surprise that the Snap-On Wrench company was soon formed. Those 500 orders were filled within the first 6 months.
The company had a notable impact during The Great Depression and World War 2. As many factories struggled to afford their tools, Snap-On became the first business to offer time payments, so that workmen could earn as they paid. They also provided many tools for air and ground equipment to the military.
Over time the company has rapidly grown, and continuously worked to improve its products. They have been front runners throughout the automobile boom, railroads, and aviation, dating back to the first record-breaking round the world flight performed by Howard Hughes.
In more recent times, the company has also had involvement with NASA, creating tools to assist the astronauts during missions. Notably, the torqometer adapters, used to refuel the astronaut’s backpacks and fasten into the space shuttles cargo bay. The ratchet is coated in nickel painting to cope with the harsh climate. NASA relied on Snap-On with finding solutions quickly, with sometimes only a couple of days’ notice.
Did Snap-On invent the socket?
Snap-On patented the first ratchet attachment for an interchangeable socket wrench, not to be confused with the invention of the electrical socket, which was discovered by Harvey Hubble in 1904.
It was in 1923 that Johnson designed the ratcheting attachment, selling the products at $3.00 apiece.
Why is Snap-On called ‘Snap-On’?
The name is rather quaint, but at the time it was created almost as a branding slogan for their original product, the interchangeable wrench heads, after marketing 10 sockets that would, as they say, ‘snap on’ to 5 interchangeable handles. The company’s official slogan at the time was ‘5 do the work of 50’.
Who makes tools for Snap-On?
As well as Snap-On manufacturing tools themselves in their own operating plants, they have acquired other companies over the years that make and distribute tools to industrial markets. The main one being J.H. Williams, which Snap-On acquired in 1993. J.H. Williams & Co was one of the first to offer mass production of drop-forged hand tools, founded by James Harvey Williams and Matthew Diamond.
How much is Snap-On Incorporated worth?
According to Macrotrends, the latest information regarding the net worth of Snap-On is dated to the 13th of September, 2021. At this time, the company had a total net worth of $11.83 billion. This number is particularly impressive when compared to some of the world’s largest industries such as Cotsco, with a net worth of $83 billion, and Amazon with a net worth of $1.7 trillion.
The company is one of America’s leading innovators, markets, and manufacturers in the business. The professionalism of its products has given them great success.