Snap-on (SNA) announced the official opening of its Innovation Works facility in Kenosha, Wisconsin. The new 15,000 square foot facility has a state-of-the-art service garage, prototyping room, 3D modeling facility, display and application room, customer observation room, innovation library, and training room.

The Innovation Works facility is the centerpiece of and will supplement the many other innovation resources and infrastructure in Snap-on's global businesses. Snap-on, Inc. is a global provider of professional tools, equipment and related solutions for technicians, vehicle service centers, original equipment manufacturers (OEMs) and other industrial users.

New products are a key growth driver for Snap-on, and the Innovation Works facility demonstrates management's commitment to the development of new and innovative products, processes and technologies. By enhancing existing products and introducing new products into the marketplace, the company is better able to compete effectively and generate incremental sales and profits.

Recent new product launches included Dual 80 Microgears ratchets, the CT4850 18 volt cordless 600-pound impact power tool, the Solus Pro Scanner on-board automotive diagnostic tool, and the MG725 Pneumatic Impact Wrench, along with enhancements to the company's diagnostics products and Mitchell1 information products.

Following the opening of the facility, the company hosted a Regional Partnership Summit, which featured presentations by experts on key market and technology issues. In attendance were Governor Jim Doyle, the State of Wisconsin Workforce Development Secretary (Roberta Glassman), the president of Gateway Technical College (Bryan Albrecht), and Dr. Glenn Bower of the University of Wisconsin.

Some of the topics discussed were the Wisconsin state initiatives to address energy, training and workforce development; trends in next generation vehicle technology (including hybrids, electric fuel cell and hydrogen vehicles); and the need for training and development to align the workforce with emerging technologies.

We rate Snap-on a Buy. A few weeks ago, we had set a 6-month target price of $48 per share.