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.