Exhibit (12)

                              SNAP-ON INCORPORATED
                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                              (Amounts in millions)




                                                    Three Months Ended
                                                 --------------------------
                                                 March 29,        March 30,
                                                   2003             2002
                                                 ---------       ----------

  Net Earnings                                   $  21.4         $  24.5

  Add (deduct):
       Income taxes                                 11.5            12.1
       Minority interest in earnings
         of consolidated subsidiaries                 .7              .2
       Cumulative effect                              -             (2.8)
                                                 -------         -------

Net Earnings as Defined                             33.6            34.0

  Fixed Charges:
       Interest on debt                              6.4             7.8
Interest element of rentals                          1.3             1.3
                                                 -------         -------

  Total Fixed Charges                                7.7             9.1
                                                 -------         -------
  Total Adjusted Earnings Available
    for Payment of Fixed Charges                 $  41.3         $  43.1
                                                 =======         =======
  Ratio of Earnings to Fixed Charges                 5.4             4.7
                                                 =======         =======


For purpose of computing this ratio, "Net Earnings" consists of (a) income from
continuing operations before income taxes and adjusted for minority interest,
and (b) "Fixed Charges," consists of interest on debt and the estimated interest
portion of rents.