Fastenal

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Fastenal Company
TypePublic
NasdaqFAST
NASDAQ-100 Component
S&P 500 Component
Founded1967
HeadquartersWinona, Minnesota, U.S.
Number of locations
2,227 (Dec 31, 2018)[1]
Area served
United States
Canada
Europe
Asia
Key people
Daniel L. Florness (CEO), Holden Lewis (CFO), Lee Hein (Senior Executive VP - Sales)[2]
Revenue
  • Increase US$ 3,326.106 million (2013) [3]
  • Increase US$ 3,133.577 million (2012) [3]
  • Increase US$ 712.657 million (2013) [3]
  • Increase US$ 673.691 million (2012) [3]
  • Increase US$ 448.636 million (2013) [3]
  • Increase US$ 420.536 million (2012) [3]
Total assets
  • Increase US$ 2,075.784 million (2013) [4]
  • Increase US$ 1,815.832 million (2012) [3]
Total equity
  • Increase US$ 1,772.697 million (2013) [4]
  • Increase US$ 1,560.36 million (2012) [3]
Number of employees
20,565[5] (2017)
Websitewww.fastenal.com www.fastenal.ca

Fastenal Company[6] is an American company based in Winona, Minnesota.[7] Fastenal's service model centers on approximately 3,200 in-market locations, each providing custom inventory and a dedicated sales team.[8]

Fastenal refers to itself as a supply chain solutions company,[9] while Reuters calls it an industrial distributor.[7]

History[edit]

Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968.[10] 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.[11]

Fastenal is also a sponsor of NASCAR since 2006 and most recently became the official MRO partner of the NHL in 2020.[12]

Canada[edit]

It entered the Canadian market in 1994.[citation needed] 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.[13]

Mexico[edit]

It commenced its Mexico activities in 2001.[citation needed]

Asia[edit]

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[14] and import purchasing activities. Opening in 2001, Fastenal's Singapore location was its first site outside North America.[15] By 2009, sales operations in Shanghai were complemented by those in its larger neighbor Malaysia.[16] 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 socket head screw-making company.[16] Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.[17][18]

Products and services[edit]

Award winning location in Quakertown, Pennsylvania

Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing.[10] Today's product range is more diverse, and the company had a total of 690,000 individual products as of 2010.[7] In addition to a plethora of SKUs, the company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining.[9]

Fastenal has retail stores in every U.S. state,[19] every province of Canada,[13] 14 Mexican states,[13] and Puerto Rico,[19] and Panama.[19]

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,[16] including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois,[16] an operation in Wallingford,[16] Connecticut, and another in Malaysia, etc.[16]

Internationally, Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom.[19] In 2006, the company had two sourcing offices in Asia, China and Taiwan, both have an accredited testing laboratory,[20] which, as of 2007, was A2LA certified.

See also[edit]

References[edit]

  1. ^ "Company Profile". Fidelity Investments. Retrieved April 11, 2019.
  2. ^ "Fastenal Company SEC Filing 10-K December 2014".
  3. ^ a b c d e f g h "FASTENAL CO 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 6, 2014.
  4. ^ a b "FASTENAL CO 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 16, 2014.
  5. ^ "Fastenal". Fortune. Retrieved 2019-01-18.
  6. ^ Fastenal Company (FAST) Stock Report nasdaq.com
  7. ^ a b c UPDATE 1-Fastenal Q3 results beat market estimates reuters.com, Tue Oct 12, 2010 8:33am EDT
  8. ^ "About Us | Fastenal". www.fastenal.com. Retrieved 2021-06-10.
  9. ^ a b About Us (Video) Fastenal official site
  10. ^ a b Fastenal Co (FAST.O) Fastenal About Us
  11. ^ "Archived copy". Archived from the original on 2016-01-02. Retrieved 2016-02-19.CS1 maint: archived copy as title (link)
  12. ^ "NHL Partnership | Fastenal". www.fastenal.com. Retrieved 2021-06-10.
  13. ^ a b c Fastenal Company to Acquire Holo-Krome Company Fastenal Official Site, December 9, 2009
  14. ^ President’s Letter to Shareholders 2004[permanent dead link] Fastenal Official Site
  15. ^ President’s Letter to Shareholders (2008)[permanent dead link] Fastenal Official Site
  16. ^ a b c d e f President’s Letter to Shareholders (2009)[permanent dead link] Fastenal Official Site
  17. ^ Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500 bloomberg.com, September 9, 2008 17:45 EDT
  18. ^ Fastenal Company stock forecasting
  19. ^ a b c d Home > About Us > Company Overview > Distribution Overview Fastenal Official Site
  20. ^ President’s Letter to Shareholders 2006 Fastenal Official Site

External links[edit]