Growth Through Customer Service
|Traded as||NASDAQ: FAST)
S&P 500 Component
|Headquarters||Winona, Minnesota, U.S.|
|Number of locations||2,683 (April 2014)|
|Key people||Lee Hein (President) Willard D. Oberton (CEO)|
Fastenal Co is an American company based in Winona, Minnesota. Distributing goods used by other businesses, it has over 2,600 branches throughout the US, Canada, Mexico and Europe along with 13 distribution centers. Fastenal resells industrial, safety, and construction supplies and offers services including inventory management, manufacturing, and tool repair. Fastenal refers to itself as an industrial supply company, and Reuters calls it an industrial distributor.
Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968. Fastenal's offerings are purchased, not made. But as of 2009, the company has at least one cold heading manufacturing line. By 2004, 50% of product was processed steel.
It entered the Canadian market in 1994, as of 2009 Fastenal had retail sales outlets in every province and two Canadian distribution centers. As of 2009, Fastenal had established retail outlets in 14 of Mexico's states as well as a distribution center. It started its Mexico activities in 2001. Fastenal's Asian trading company, Fastenal Asian Sourcing and Trading Co, is a Wholly Foreign-Owned Enterprise located in Shanghai, China, where it directs sourcing and import purchasing activities. Opening in 2001, Fastenal's Singapore location was its first site outside North America. By 2009, sales operations in this small city state were complemented by those in its larger neighbor Malaysia. Locally incorporated Fastenal Malaysia Sdn Bhd is associated with Fastenal's Malaysian activities. The company runs an A2LA accredited testing laboratory in this nation as of 2014,
In 2012, Lee Hein took over as President of Fastenal. Hein started out in the company as a part time employee.
Products and services
Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing. Today's product range is more diverse, and the company had a total of 690,000 individual products as of 2010. In addition to a plethora of SKUs, the company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining.
Machining may be a better term for what Fastenal calls its "manufacturing" operations. As of 2000, the company employs 400-plus people at six manufacturing locations, including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois, an operation in West Hartford, Connecticut, and another in Malaysia, etc. Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom. In 2006, the company had two offices in Taiwan, one of which included a product testing laboratory, which, as of 2007, was A2LA certified.
- "Fastenal Company Reports 2014 First Quarter Earnings" (Press release). Globe Newswire. 2014-04-11. Retrieved 2014-04-27.
- "FASTENAL CO 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 6, 2014.
- "FASTENAL CO 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 16, 2014.
- Fastenal Company (FAST) Stock Report nasdaq.com
- UPDATE 1-Fastenal Q3 results beat market estimates reuters.com, Tue Oct 12, 2010 8:33am EDT
- Fastenal Co (FAST.O) reuters.com
- About Us (Video) Fastenal official site
- Fastenal Company to Acquire Holo-Krome Company Fastenal Official Site, December 9, 2009
- President’s Letter to Shareholders 2004 Fastenal Official Site
- President’s Letter to Shareholders (2008) Fastenal Official Site
- President’s Letter to Shareholders (2009) Fastenal Official Site
- Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500 bloomberg.com, September 9, 2008 17:45 EDT
- Home > About Us > Company Overview > Distribution Overview Fastenal Official Site
- President’s Letter to Shareholders 2006 Fastenal Official Site