Mr. Pinchuk: Snap-on has a pretty strong history. The company was founded in 1920, almost 90 years ago, and it was founded on an innovation. A young engineer saw a need in the fledgling automotive industry. About that time, there were probably only 7 to 8 million cars around the United States. But what he saw was that there was a growing need for a versatile tool because the cars were all slightly different. Mechanics needed something to address the varying physical dimensions of an automobile. So what he did was take 10 turning sockets of various sizes to handle the various sizes of the fasteners that were in the car. Then he fashioned five different handles to address the varying configurations and geometries on an automobile and he made them interchangeable. So he made 50 possible tools out of the 10 sockets and five different handles. He went on the road displaying those tools on green felt, saying, "These are special tools, we treat them like jewels." He used what was a productivity-based selling point that said, "Look, five handles do the work of 50 different tools." And they snapped together. Thus, the name Snap-on. The company moved on from there, it grew with the automotive repair industry. In 1939, we declared our first dividend and we have paid one every quarter since and we have never reduced it. We survived a depression and the wars. There are numerous legends around all of those. Most important, after World War II, we established what has been the nameplate of the corporation, the franchisee van distribution model. Now, we have 3,446 franchised vans that move around the United States from garage to garage calling on technicians. I believe that distribution model is one of the strongest anywhere today. So the vans worked out well. Over time, the corporation built the Snap-on brand into a workingman's icon. I regularly will be in a public place, such as on an airplane or in a restaurant, and get favorable comments about our product. Just the other day, a flight attendant came up to me and asked, "Are you the Snap-on guy? You guys make good stuff." And on that same plane, a guy behind me leaned up and said, "My grandfather willed me his Snap-on tools, I love them." It really is an icon for the workingman. It's a very strong brand. It's a brand that not only creates productivity in the workplace, but it also has evolved into a badge of professionalism. Some people will tell you, if you don't use Snap-on tools in an automobile repair garage, you're not really a professional. By the way, I can't claim any ownership for this, because I have only been here seven years. So the people who established this brand did it long before I showed up. They built it up with almost 90 years of hard work. I start every day by thanking my good fortune for having inherited those strengths. Over the decades, we've acquired other strong brands. In the late 1990s, we added a brand called Bahco. In Europe that name is synonymous with adjustable wrenches. If they want an adjustable wrench on the continent, they say, "Give me the Bahco." We acquired Sioux Power Tools and John Bean car aligners, SUN Diagnostic System and Hofmann tire balancers. So, Snap-on has evolved over the last, say, couple of decades, from sort of a branded house into what it is today, which I think is a house of fairly strong brands. Just another point, I think, we did grow with the original hand tool automotive repair business. That original 7 to 8 million vehicles became 250 million vehicles in North America and we grew along with that expansion. But then we discovered that we could extend out into mission-critical industries like oil and gas or power generation or aerospace and provide productivity solutions for those customer segments. So now, only about a third of the business is generated by the original van model. We also extended geographically. Now, over 40% of the business is outside the United States. Often, when people think of Snap-on, they envisage the white franchised vans crisscrossing the country, selling wrenches, screwdrivers and other tools. Today, however, that represents about 30% of business.
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