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Cartec moves in on Beissbarth

Munich. Cartec GmbH, an affiliate of Snap-on Inc. of the United States, is set to buy Beissbarth Automotive, a former top executive for Beissbarth told Automobilwoche.

Munich-based Beissbarth makes test stands and lifting hoists, among other products, and had revenues of 160 million euros ($193.2 million at current exchange rates) in 2004. Snap-on has a 55 percent stake in Cartec, which is based in Unterneukirchen, 90 kilometers (about 55 miles) east of Munich.

Snap-on CEO Jack Michaels recently announced that the publicly-traded company was seeking a greater international presence. Snap-on reported sales of $2.4 billion last year. The American firm makes tools and repair and diagnostic systems, and runs several auto service chains in the United States.

Rumors about Beissbarth's sale have been circulating for some time. The company expects to make a decision on its future later this month.

Tags: Suppliers

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