Nick Pinchuk, CEO of Snap-on, shares his views on the current state of the manufacturing industry in the face of inflation and economic challenges. Snap-on, known for its high-end tools and equipment, is taking a pragmatic approach to these times. According to Pinchuk, inflation, although it has risen recently, is not the main concern for manufacturers. He sees a variation in prices, with some rising while others fall, but nothing alarming for Snap-on.

He points to a clear distinction between small and large manufacturers. Previously, smaller companies were more optimistic than their larger counterparts. However, this trend has reversed, with smaller companies becoming more cautious about the future, while larger companies, like Snap-on, feel they can handle the current situation. This increased caution among smaller companies is explained by their reduced margin for error and their concern about external factors such as geopolitical tensions and global economic uncertainties.

Pinchuk is also critical of post-pandemic government policies, arguing that they have not sufficiently supported the manufacturing sector, particularly in terms of relocation and tax incentives for research and development. He points to the disproportionate burden of regulation on small businesses, which feel the financial burden more per employee than large companies.

 


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