Tool and equipment manufacturer Snap-on has acquired a counterpart across the Atlantic, company officials announced this week.
The Wisconsin-based company said Tuesday that it purchased Hi-Force Group Holdings Ltd. for $58 billion in cash in a deal that closed at the end of April.
Hi-Force, based in Daventry, England, designs and manufactures high-pressure hydraulic tools, heavy lifting systems, and torque and tensioning equipment. Snap-on officials said in a statement that Hi-Force’s operations would both complement and expand its lineup in “the growing torque arena” across the oil and gas, power generation, railway, mining and heavy engineering sectors.
Hi-Force also operates two additional U.K. offices, as well as locations in the Netherlands, Italy, Malaysia and the United Arab Emirates. The newly acquired business will join Snap-on’s commercial and industrial unit.
