KENOSHA, Wis.--Snap-on Incorporated (NYSE: SNA) today announced that its board of directors has appointed David C. Adams as a director, effective June 9, 2016.
Mr. Adams, age 62, has served as chairman and chief executive officer of Curtiss-Wright Corporation (“Curtiss-Wright”), a global provider of highly engineered, critical function products and services to the commercial, industrial, defense and energy markets, since January 2015. Prior to this, he served as president and chief executive officer from 2013. He served as president and chief operating officer from 2012; co-chief operating officer from 2008; and president of its former Curtiss-Wright Controls segment from 2005. He has been a director of Curtiss-Wright since August 2013.
"Snap-on is pleased to welcome David Adams to our board of directors," said Henry W. Knueppel, Snap-on director and chair of the corporate governance and nominating committee. "David’s extensive experience in a wide range of industrial markets will be a significant asset to Snap-on. We look forward to him being a valuable member of our team."
Snap-on believes Mr. Adams meets the independence requirements of the New York Stock Exchange. The size of the board of directors was increased to ten members in connection with his appointment. In accordance with Snap-on’s bylaws, Mr. Adams will serve for a term expiring at the 2017 Annual Meeting of Shareholders and will be subject to annual election thereafter.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.4 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended January 2, 2016, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.
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