Snap-on to acquire certain Nexiq Technologies assets

Dec. 13, 2002
Snap-on Inc. announced today that it has signed an agreement to acquire assets related to the vehicle scanner and eTechnician operations of Nexiq Technologies. For a purchase price of $7 million, Snap-on will acquire intellectual property ownership and diagnostics expertise in heavy-duty vehicle hand-held scan tools, such as the Pro-Link Plus diagnostic system. Snap-on will also gain inroads into
Snap-on Inc. announced today that it has signed an agreement to acquire assets related to the vehicle scanner and eTechnician operations of Nexiq Technologies.

For a purchase price of $7 million, Snap-on will acquire intellectual property ownership and diagnostics expertise in heavy-duty vehicle hand-held scan tools, such as the Pro-Link Plus diagnostic system. Snap-on will also gain inroads into the telematics arena with eTechnician, a Web-based remote vehicle monitoring and diagnostics application.

"These products represent a near-neighbor opportunity and are an excellent strategic fit," said Snap-on spokesman Al Biland. "They give us immediate increased access to the heavy-duty truck and off-road vehicle diagnostics marketplace."

The transaction is expected to close prior to year end.

About the Author

Tim Parry

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!