Snap-on acquires eTechnician, Pro-Link Plus from Nexiq
KENOSHA, Wis. (Dec. 16, 2002) — Snap-on Inc. said it has agreed to acquire the vehicle scanner and wireless diagnostic assets of Nexiq Technologies, which filed for bankruptcy protection in October.
For Snap-on, the agreement focuses on two product areas: the Pro-Link Plus handheld scan tool, and a telematics product called eTechnician, launched by Nexiq earlier this year.
According to Snap-on, these products generated about $12 million US in Nexiq’s fiscal year ended Sept. 29, 2002. Snap-on said it will pay $7 million for the assets.
“These products represent a near-neighbor opportunity and are an excellent strategic fit for Snap-on, giving us immediate increased access to the heavy-duty truck and off-road vehicle diagnostics marketplace,” said Al Biland, Snap-on vice president, chief information officer, and president of the company’s diagnostics and information group. “These assets also provide Snap-on with enhanced diesel and essential diagnostic tool expertise and relationships, while presenting intriguing opportunities with the telematics technologies.”
Nexiq, based in Sterling Heights, Mich., was formerly known as MPSI (Micro Processor Systems Inc.).
Snap-on is based in Kenosha, Wis.
Snap-on Acquires eTechnician, Pro-Link Plus from Nexiq
These include the Pro-Link Plus diagnostic system for heavy-duty truck, diesel and off-road vehicle diagnostics and eTechnician, Nexiq?s Web-based remote vehicle monitoring and diagnostics application.
According to Snap-on, these products generated about $12 million in Nexiq's fiscal year ended Sept. 29, 2002. The transaction, which Snap-on said involved $7 million, is expected to close prior to years end.
Until 2001, Nexiq was known as MPSI (Micro Processor Systems Inc.). The company officially launched the ambitious eTechnician system earlier this year, but filed for Chapter 11 bankruptcy protection in October. According to NEXIQ, the purpose of the filing was to expedite the sale of company operations.
Eaton to market diagnostic tools; Snap-on buys Nexiq assets
Eaton Corp. has signed a five-year agreement with AutoXray, maker of EZ-Link scanners, to create a new line of diagnostic tools and service products for commercial vehicles.
Debuting later this year, the new tools will be the first entry in a line of products Eaton will market to shop technicians under the Eaton MD (“mobile diagnostics”) brand. AutoXray, known for its low-cost diagnostic tools for the automotive aftermarket, will supply the hardware.
Eaton says the MD Tool will support any component that communicates over the diagnostic link on the truck.
“This agreement is a significant first step toward supporting our customers throughout the entire life cycle of their trucks,” said Jeff Romig, general manager for Eaton’s Truck Aftermarket division. “The experience we’ve gained in our development of electronic diagnostic tools for Eaton’s product lines has allowed us a natural transition into providing diagnostic equipment for the entire commercial vehicle market — not only for Eaton products but for any electronic vehicle components on the diagnostic link.”
Eaton is not alone entering the diagnostics market this year. In December, Snap-on announced plans to buy the vehicle scanner and wireless diagnostic assets of Nexiq Technologies, which filed for bankruptcy protection in October.
The deal centers around Nexiq’s Pro-Link Plus handheld scan tool (below, left) and a telematics product called eTechnician, launched by Nexiq last year. The products give Snap-on “immediate increased access to the heavy-duty truck and off-road vehicle diagnostics marketplace,” says Al Biland, president of Snap-on’s diagnostics and information group.
Nexiq, based in Sterling Heights, Mich., is formerly known as MPSI (Micro Processor Systems Inc.).
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