This article contains content that is written like an advertisement. (May 2017)
S&P 500 Component
|Headquarters||Winona, Minnesota, U.S.|
Number of locations
|2,227 (Dec 31, 2018)|
|Daniel L. Florness (CEO), Holden Lewis (CFO), Lee Hein (Senior Executive VP - Sales)|
Number of employees
Fastenal Company is an American company based in Winona, Minnesota. Fastenal's service model centers on approximately 3,200 in-market locations, each providing custom inventory and a dedicated sales team.
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.
In 2012, Lee Hein took over as President of Fastenal. Hein started out in the company as a store employee.
In January 2016, Daniel L. Florness became the President and CEO of Fastenal. Florness started with Fastenal in 1996 as the company's chief financial officer.
It entered the Canadian market in 1994. As of 2009, Fastenal had retail sales outlets in every Canadian 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 commenced 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 Shanghai 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.
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 Wallingford, Connecticut, and another in Malaysia, etc.
Internationally, Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom. In 2006, the company had two sourcing offices in Asia, China and Taiwan, both have an accredited testing laboratory, which, as of 2007, was A2LA certified.
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- President’s Letter to Shareholders 2004[permanent dead link] Fastenal Official Site
- President’s Letter to Shareholders (2008)[permanent dead link] Fastenal Official Site
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- Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500 bloomberg.com, September 9, 2008 17:45 EDT
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- Home > About Us > Company Overview > Distribution Overview Fastenal Official Site
- President’s Letter to Shareholders 2006 Fastenal Official Site