Snap-on to acquire certain Nexiq Technologies assets

For a purchase price of $7 million, Snap-on will acquire intellectual property ownership and diagnostics expertise in heavy-duty vehicle hand-held scan tools, such as the Pro-Link Plus diagnostic system. Snap-on will also gain inroads into the telematics arena with eTechnician, a Web-based remote vehicle monitoring and diagnostics application.

"These products represent a near-neighbor opportunity and are an excellent strategic fit," said Snap-on spokesman Al Biland. "They give us immediate increased access to the heavy-duty truck and off-road vehicle diagnostics marketplace."

The transaction is expected to close prior to year end.