Snap-on Incorporated (SNA) Presents at Baird 55th Annual Global Industrial Conference Transcript

Luke Junk
Robert W. Baird & Co. Incorporated, Research Division

Good morning. Thanks for joining us. My name is Luke Junk. I’m the Baird analyst covering vehicle tech and mobility. Really great to have Snap-on with us this morning, as you probably know, is a leader in the auto aftermarket and other industries. Really happy to have Nick Pinchuk, CEO of the company with us here this morning. Once we get settled in here, Nick, do you want to kick us off with some introductory comments?

Nicholas Pinchuk
Chairman, CEO & President

Sure. Okay. If you’re not familiar with Snap-on, I’ll give you a brief people’s view of it.

We’re a company that operates in the critical. So in other words, our customers are those people who are looking to solve things, where the penalty for failure is high and the need for repeatability and reliability justifies a special tool, as special as a Snap-on tool. It’s a lot of different industries, automotive repair, aviation, you can think about quite a few, and they are natural customers. And how do we pursue that?

Well, our principal value-creating mechanism is to go actually to the place of work, not survey, not analyze, go to the place of the work — that work and observe the work and figure out which work is particularly difficult, critical and therefore, would benefit from a Snap-on Tool. We bring it back and we make the tool for it. And it doesn’t really matter to us how widespread that problem is. We try to solve problem after problem after problem. So we’ve got 85,000 SKUs and growing. We’re kind