Fastenal
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| Fastenal | |
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| Type | Public (NASDAQ: FAST) |
| Founded | 1967 |
| Headquarters | Winona, Minnesota |
| Key people | Bob Kierlin, Willard Oberton, Nicholas Lundquist |
| Industry | Industrial & Construction Supply |
| Website | www.fastenal.com |
Fastenal (NASDAQ: FAST) is a company based in Winona, Minnesota, founded in 1967 by Bob Kierlin. The current CEO and President is Willard D. Oberton.
Fastenal sells industrial and construction supplies, the main inventory being fasteners such as screws, nuts and bolts. The company also distributes 11 other product lines ranging from safety and janitorial supplies to welding equipment and tools. Fastenal went public in 1987, its growth accelerated and it eventually became the nation's largest distributor of fasteners in a $9 billion industry. As of October 2006, the company operates over 2100 stores in all 50 states and five other countries. Their motto is "growth through customer service."
Fastenal Company, incorporated in 1968, offerings are grouped into 10 product categories: fasteners, tools, cutting tools, hydraulic and pneumatic products, material handling products, janitorial supplies, electrical supplies, welding supplies, safety supplies and raw materials (metals, alloys and materials). Fastenal conducts its business in the United States, Canada, Puerto Rico, Mexico, Singapore, China, and the Netherlands under various trademarks and service marks, including Fastenal and Fastco. As of March 31, 2006, the Company had 2,000 store sites located in 50 states, Puerto Rico, Dominican Republic, Canada, Mexico, Singapore, China and the Netherlands.[1] As of December 31, 2005, the Company operated 12 distribution centers in North America from which the Company distributes products to its store sites.
As of December 31, 2005, the Company operated distribution centers in or near Winona, Minnesota; Indianapolis, Indiana; Carrollton, Texas; Atlanta, Georgia; Jessup, Pennsylvania; Modesto, California; Lakewood, Washington; Akron, Ohio; Salt Lake City, Utah; High Point, North Carolina; Edwardsville, Kansas, and Kitchener, Ontario. Distribution centers are located so as to permit twice-a-week to five times-a-week deliveries to Company stores using Company trucks and overnight delivery by surface common carrier. Approximately 85% of the Company's stores receive five time-a-week delivery.
The Company operates a central UNIX/terminal-based computer system allowing automatic data exchange between the stores and the distribution centers. The use of client/server technology allows the Company's network of UNIX-based machines to serve networked personal computers and workstations. The Company has been converting a portion of this central processing system to a new computer software and operating system (Peoplesoft) and plans to convert additional modules during 2006. The Company also operates a point-of-sale system.
The Company's original product offering was fasteners and other industrial and construction supplies, many of which are sold under the Fastenal product name. This product line consists of two broad categories: threaded fasteners, such as bolts, nuts, screws, studs, and related washers, and miscellaneous supplies, such as paints, various pins and machinery keys, concrete anchors, batteries, sealants, metal framing systems, wire rope, strut, private-label stud anchors, rivets and related accessories.
Threaded fasteners are used in most manufactured products and building projects, and in the maintenance and repair of machines and structures. The Company opens each store with a selection of base stocks of inventory and then allows the local store and district leaders to tailor the additional inventory to the local market demand as it develops.
The company also operates the Fastenal School of Business, which specializes in in-company training for new and existing employees.
In November of 2007, Fastenal announced a multiyear agreement with Chip Ganassi with Felix Sabates that makes Fastenal the sponsor of the team's No. 40 car in the 2008 NASCAR Nationwide Series. The primary driver of the No. 40 Fastenal Dodge is 2007 IndyCar and IRL points champ Dario Franchitti.
[edit] References
- ^ Company Profile for Fastenal. reuters.com. Retrieved on 2006-08-06.
[edit] External links
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