Iconic team has a reason to celebrate following this huge news

The sponsorship landscape has roiled NASCAR for months now, so any time there's good news, it's major news.

Team Penske has some major news.

It announced, on its website. that it has agreed to a 5-year extension of their sponsorship with Snap-On International, the tool manufacturer. Snap-on and Penske have been partners for 36 years, the release noted, and the sponsorship deal covers Penske teams in the Cup, XFinity, and 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 deal, Snap-on will be a primary sponsor on the No. 2 Team Penske Ford Fusion driven by Brad Keselowski during the race at Talladega Superspeedway in April, 2018  Snap-on also serve as a primary sponsor for two NASCAR XFINITY Series races in 2018.

Snap-on is a $3.4 billion Fortune 500 S&P company.