Snap-on CEO optimistic about business
Snap-on Chairman and CEO Nick Pinchuk is optimistic about business despite risks of a possible government shutdown and uncertainty about the end of easy money from the Fed.
His company manufactures professional tools for the automotive and aviation industries and traditionally there's always good business in repair shops. During the height of the economic recession, customers stopped or reduced the purchase of big-ticket items, but that is changing.
"Now I think they're paying less attention to the bad news for breakfast and they seem optimistic," said Pinchuk.
Overall, Pinchuk said the economy is mixed in some ways, but "it's moving forward."
Snap-on calls on 300,000 small garages and repair shops and "that market is robust."
The stock has surged 40 percent over the past year. Shares of the Kenosha, Wis., company are currently trading near its 52-week high. Snap-on, founded in 1920, has paid uninterrupted and unreduced quarterly dividends since 1939.
When asked about the outlook for U.S. manufacturing, Pinchuk said: "80% of what we sell off the trucks, we manufacture right here in America. And the reason is we use the one inalienable advantage that American manufacturers have, that is proximity to the world's greatest market."
Snap-on also does business overseas in markets like China and Europe, but Pinchuk said: "We manufacture in those markets for those markets. That's the Snap-on model and it works pretty well."
—By CNBC's Jennet Chin.