INTERVIEW - Nick Pinchuk, Snap-on CEO: the FED should focus on jobs, not inflation
June 14, 2023 at 03:22 pm EDT
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Nick Pinchuk, CEO of Snap-on (SNA), talks about his manufacturing tools company's good results, US inflation, and the FED's monetary policy. He believes that the Fed should focus more on employment, particularly in manufacturing, than on inflation. Finally, he discusses AI, and its application in his business sector.
Snap-On Incorporated specializes in manufacturing and marketing of tools and diagnostic equipment for professionals in transportation, industry, agriculture, aviation and government sectors. Income breaks down by activity as follows:
- sale of tooling (49.5%): hand tools (wrenches, screwdriver, sockets, pliers, saws, etc.), power tools (burin, sanders, polishers, etc.), cutters, tools for cutting and pruning, tools storage products, etc.;
- sale of industrial equipment (23.8%): parallelism of wheels measurement system, wheel balancing, tire changers, vehicle hoist, battery chargers, etc.;
- sale of diagnostic materials and software (19.5%);
- financial services (7.2%).
Income breaks down geographically as follows: the United States (71.6%), Europe (14.9%) and other (13.5%).