TEAM PENSKE AND SNAP-ON AGREE TO FIVE-YEAR EXTENSION
Agreement Builds on One of the Longest Partnerships in Professional Sports
MOORESVILLE, N.C. (October 5, 2017) – Building on one of the longest and strongest partnerships in sports, Team Penske and Snap-on Incorporated today announced the renewal of their partnership with a new five-year agreement. The multi-year agreement extends Team Penske’s longest-running partnership, as the organization and Snap-on are celebrating their 36th season together in 2017.
“Snap-on has been a trusted partner for over 35 years with Team Penske and we are happy to report that this extension means we will celebrate 40 seasons together in 2021,” said Roger Penske. “It is pretty special to have a relationship endure over time in such a competitive environment like professional sports, and especially in auto racing. We appreciate all of
Snap-on’s support over the years and our teams continue to rely on Snap-on tools and equipment because we know we are working with the best when it comes to reliability and quality.”
The partnership with Snap-on extends across Team Penske’s racing teams competing in the Monster Energy NASCAR Cup Series (MENCS), the NASCAR XFINITY Series (NXS) and the Verizon IndyCar Series.
“Team Penske is one of the most storied teams in the history of professional sports and we feel fortunate and excited to be associated with that success,” said Nick Pinchuk, chairman and CEO of Snap-on Incorporated. “Our partnership with the Penske team spans more than three-and-a-half decades and extends across a number of our businesses. We’re quite pleased that this agreement will allow us to continue that valued relationship through Snap-on’s 100th anniversary in 2020 and beyond.”
As part of the extension of the partnership, Snap-on will be a primary sponsor for one race on the No. 2 Team Penske Ford Fusion driven by Brad Keselowski in the MENCS next season at Talladega Superspeedway in April. The company will also serve as a primary sponsor for two NASCAR XFINITY Series races with the team in 2018.
Snap-on will continue as an associate sponsor on all Team Penske cars competing across the various racing series next season.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.4 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
About Team Penske
Team Penske is one of the most successful teams in the history of professional sports. Cars owned and prepared by Team Penske have produced more than 470 major race wins, over 530 pole positions and 30 National Championships across open-wheel, stock car and sports car racing competition. In its storied history, the team has also earned 16 Indianapolis 500 victories, two Daytona 500 Championships, a Formula 1 win and overall victories in the 24 Hours of Daytona and the 12 Hours of Sebring. Team Penske currently competes in the Verizon IndyCar Series, the Monster Energy NASCAR Cup Series and NASCAR XFINITY Series. The team also races in the Virgin Australia Supercars Championship, in a partnership with Dick Johnson Racing, as DJR Team Penske. For more information about Team Penske, please visit www.teampenske.com.