U.S. Markets close in 6 hrs 26 mins

Snap-on buys Challenger Lifts for about $38M

KENOSHA, Wis. (AP) -- Snap-on has acquired Challenger Lifts Inc. for about $38 million, putting the tool maker in a better position to serve vehicle repair shops.

Snap-on, which also provides equipment, diagnostics, repair information and other services, said Tuesday that Challenger, will be folded into its repair systems and information group.

Challenger, which makes vehicle lifts, had 2012 sales of approximately $45 million.

Snap-on Inc. posted a 17 percent jump in first-quarter profit last month, with healthy margins offsetting a revenue shortfall for the Kenosha, Wis. company.