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Sunday, July 12, 2009

Snap-on (SNA) unit wins $12.1M in military work

A division of a Snap-on Inc. subsidiary has been awarded a five-year, $12.1 million contract to supply industrial tools and related equipment for maintenance work to the U.S. Army.

The indefinite delivery, indefinite quantity contract was awarded July 1 to Snap-on Industrial, a division of IDSC Holding LLC, the U.S. Department of Defense said. IDSC Holding is a subsidiary of Kenosha-based Snap-on Inc. (SNA), a manufacturer of professional tools and automotive diagnostic equipment.

Snap-on Industrial will supply tool loads for forward repair systems, which are mobile maintenance shops used by the military. Work is to be performed in Kenosha with an estimated completion date of May 31, 2014.

Disclosure I am long SNA shares in my industrial goods folio currently down 4.93%.
Stock has over $6.00 per share cash on hand, dividends paid out each quarter.

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