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Old 04-01-2010, 08:12 AM   #1
UncleJoe
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Default Snap-on Inc buys Central Purchasing HF

Kenosha Wi., April 1 /PRNewswire-FirstCall
Snap-On Incorporated buys Central Purchasing -Harbor Freight

Today Snap-on Incorporated announce the purchase of Central purchasing best known as the owner of Harbor Freight Tools.

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as customers in industry, government, agriculture, aviation and natural resources. Products and services are sold through the company's franchisee, company-direct, distributor and Internet channels. Founded in 1920, Snap-on is a $2.8 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Central Purchasing certainly could lay claim to the expression "the right tool for the job." The company, better recognized by its trade name, Harbor Freight Tools, is one of the country's largest tool and equipment catalog retailers. Harbor Freight Tools offers more than 7,000 tools and equipment items, including products marketed under such brands as Central Machinery, Chicago Electric, DeWalt, Makita, Pittsburgh, and Stanley. The company also sells via the Internet and through a network of about 325 retail stores in more than 47 states. It was founded in 1968.

David Martin, Vice President of Marketing for Snap-on issued the following statement. "We are very excited about the new markets that Harbor Freight brings to the Snap-on family. This will allow us to introduce lower cost, value oriented tools to mechanics at dealerships and repair centers. We are also excited to be able to bring the Snap-on line to all of 325 Harbor Freight retail stores which will make the world famous Snap-on brand available to the everyday consumer. This is a true win-win situation. Harbor Freight also has extensive global manufacturing contacts so we should be able to produce our quality Snap-on tools at a much lower price point which will mean more value to our customer base."

Snap-On Inc. is acquiring 100% of the outstanding shares of Central Purchasing for $631.2 million. The original negotiations were rumored to have a target price of $789 million but Snap-on used one of the Harbor Freight 20% coupons to get the entire company for $631.2million. The purchase will soon be listed in the Garage Journal Forum "Hot Deal Index" Thread.

Central Purchasing, Inc.
3491 Mission Oaks Blvd.
Camarillo, CA 93011


Happy April First.

Last edited by UncleJoe; 04-01-2010 at 12:01 PM. Reason: Edited for spelling, because I am an idiot
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Old 04-01-2010, 08:15 AM   #2
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Default Re: Snap-on Inc buys Central Purchasing HF

Well played.
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Old 04-01-2010, 08:25 AM   #3
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Default Re: Snap-on Inc buys Central Purchasing HF

You almost had me fooled till the 20% coupon!
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Old 04-01-2010, 08:27 AM   #4
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Default Re: Snap-on Inc buys Central Purchasing HF

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Originally Posted by stricht8 View Post
You almost had me fooled till the 20% coupon!
Yeah I figured that in the last paragraph I would let the reader off the hook. The though of Merkava having a heart attack started to worry me. LOL
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Old 04-01-2010, 08:27 AM   #5
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Default Re: Snap-on Inc buys Central Purchasing HF

you know half of the members here are going to have a heart attack before the end of the "article."
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Old 04-01-2010, 09:15 AM   #6
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Default Re: Snap-on Inc buys Central Purchasing HF

Nice job on a well written joke!
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Old 04-01-2010, 09:16 AM   #7
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Default Re: Snap-on Inc buys Central Purchasing HF

Thanks for the fun!!! Great work on the authoring btw.
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Old 04-01-2010, 09:18 AM   #8
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Default Re: Snap-on Inc buys Central Purchasing HF

thats awesome!!! i think it would have been funnier if it were true just to see all the peoples here reactions
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Old 04-01-2010, 09:20 AM   #9
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Default Re: Snap-on Inc buys Central Purchasing HF

Snap-on press releases come out of Kenosha, not Washington.
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Old 04-01-2010, 09:22 AM   #10
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Default Re: Snap-on Inc buys Central Purchasing HF

I will have to copy and paste that and send it to some people. HE HE HE.
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Old 04-01-2010, 10:55 AM   #11
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Default Re: Snap-on Inc buys Central Purchasing HF

Well done, almost had me . . . Not! it was very well written, Bravo!
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Old 04-01-2010, 10:59 AM   #12
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Default Re: Snap-on Inc buys Central Purchasing HF

I likey. I likey.
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Old 04-01-2010, 11:01 AM   #13
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Default Re: Snap-on Inc buys Central Purchasing HF

Good to see Snap On looking to improve their quality.

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Old 04-01-2010, 11:14 AM   #14
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Default Re: Snap-on Inc buys Central Purchasing HF

it would be pretty sweet if snap on opened a few retail stores that offer the tools for the same price or higher then the dealers (only because)
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Old 04-01-2010, 11:18 AM   #15
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Default Re: Snap-on Inc buys Central Purchasing HF

Nice. I laughed.
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Old 04-01-2010, 11:24 AM   #16
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Default Re: Snap-on Inc buys Central Purchasing HF

I heard Snap-On tried using a photocopied coupon, HF wouldn't accept it and the deal fell through.
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Old 04-01-2010, 12:18 PM   #17
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Default Re: Snap-on Inc buys Central Purchasing HF

The coupon part was very funny
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Old 04-01-2010, 12:24 PM   #18
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Default Re: Snap-on Inc buys Central Purchasing HF

I can't believe I read the whole thing thinkin it was real, the last few sentences of course told me I had just been fooled
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Old 04-01-2010, 12:45 PM   #19
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Default Re: Snap-on Inc buys Central Purchasing HF

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Originally Posted by IndustrialMechanic View Post
I'm glad I read the entire article, about half way through I had an uncontrollable urge to just get up and start destroying things.
Got me too, till the last statement. Good one.
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Old 04-01-2010, 12:54 PM   #20
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Default Re: Snap-on Inc buys Central Purchasing HF

Very well played. Had me up to the last paragraph.

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