Fastenal

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Fastenal
Type Public
Traded as NASDAQFAST)
S&P 500 Component
Founded 1967
Headquarters Winona, Minnesota, U.S.
Number of locations 2,566 (September 2011)[1]
Key people Willard D. Oberton (President and CEO)
Website www.fastenal.com

Fastenal Co is an American company based in Winona, Minnesota that distributes industrial, safety and construction supplies and offers services including, third party logistics, inventory management, manufacturing, and tool repair.

History[edit]

Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968.[2] 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,[citation needed] 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.[3] It started its Mexico activities in 2001. Fastenal's Asian trading company, Fastenal Asian Sourcing and Trading Co, is a wholly owned subsidiary located in Shanghai, China, where it directs sourcing[4] and import purchasing activities. Opening in 2001, Fastenal's Singapore location was its first site outside North America.[5] By 2009, sales operations in this small city state[5] were complemented by those in its larger neighbor Malaysia.[6] 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 2009, Fastenal acquired parts of Holo-Krome, a US socket head screw-making company.[6] Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.[7]

Products and services[edit]

Fastenal location in Macomb, Illinois

Fastenal's main inventory is fasteners such as screws, threaded rods, and nuts, which can be used in construction and manufacturing.[2] The company had a total of 690,000 individual products as of 2010.[8] The company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining.[9]

Fastenal has retail stores in every US state,[10] every province of Canada,[3] 14 Mexican states,[3] and Puerto Rico,[10] and Panama.[10]

Machining is a better term for many of Fastenal "manufacturing" operations. As of 2000, the company employs 400-plus people at "six" manufacturing locations,[6] including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois,[6] an operation in West Hartford,[6] Connecticut, and another in Malaysia, etc.[6] Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom.[10] In 2006, the company had two offices in Taiwan, one of which included a product testing laboratory,[11] which, as of 2007, was A2LA certified.

See also[edit]

References[edit]

  1. ^ "Fastenal Company Reports 2011 Third Quarter Earnings" (Press release). Globe Newswire. 2011-10-13. Retrieved 2011-10-16. 
  2. ^ a b Fastenal Co (FAST.O) reuters.com
  3. ^ a b c Fastenal Company to Acquire Holo-Krome Company Fastenal Official Site, December 9, 2009
  4. ^ President’s Letter to Shareholders 2004 Fastenal Official Site
  5. ^ a b President’s Letter to Shareholders (2008) Fastenal Official Site
  6. ^ a b c d e f President’s Letter to Shareholders (2009) Fastenal Official Site
  7. ^ Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500 bloomberg.com, September 9, 2008 17:45 EDT
  8. ^ UPDATE 1-Fastenal Q3 results beat market estimates reuters.com, Tue Oct 12, 2010 8:33am EDT
  9. ^ About Us (Video) Fastenal official site
  10. ^ a b c d Home > About Us > Company Overview > Distribution Overview Fastenal Official Site
  11. ^ President’s Letter to Shareholders 2006 Fastenal Official Site

External links[edit]