Snap-on Executive Frederick D. Hay To Retire

    KENOSHA, Wis.--(BUSINES WIRE)--September 5, 2001--Snap-on Incorporated announced today that Frederick D. Hay, senior vice president - operations, has indicated his plans to retire from a 31-year career in the tool and automotive-related businesses. Hay will remain in his current position through the end of the year to assist with the transition of his responsibilities.
    Hay joined Snap-on in 1996 as senior vice president - transportation and was elected to his current position in 1998. Since that time he has been responsible for the commercial and industrial segment of the business.
    "Fred has been involved in almost every aspect of the business during his tenure at Snap-on," said president and chief executive officer, Dale F. Elliott. "He has been responsible for both the dealer business and the commercial and industrial group, and his leadership helped chart the course for Snap-on's continued success in the future. I personally want to thank Fred for his dedicated service and numerous contributions to Snap-on and wish him good luck and good health in his retirement."

    Snap-on Incorporated is a leading global developer, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software and other solutions for transportation-service, industrial, government, education and agricultural customers, and other commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company direct sales and distributor channels, and the Internet. Founded in 1920, Snap-on is a $2.2 billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 14,000 people worldwide.