Fastenal

Fastenal

Growth Through Customer Service
Type	Public
Traded as	NASDAQ: FAST) S&P 500 Component
Founded	1967
Headquarters	Winona, Minnesota, U.S.
Number of locations	2,683 (April 2014)[1]
Key people	Lee Hein (President / CEO)
Revenue	US$ 3,326.106 million (2013) [2] US$ 3,133.577 million (2012) [2]
Operating income	US$ 712.657 million (2013) [2] US$ 673.691 million (2012) [2]
Net income	US$ 448.636 million (2013) [2] US$ 420.536 million (2012) [2]
Total assets	US$ 2,075.784 million (2013) [3] US$ 1,815.832 million (2012) [2]
Total equity	US$ 1,772.697 million (2013) [3] US$ 1,560.36 million (2012) [2]
Website	www.fastenal.com

Fastenal Co^[4] is an American company based in Winona, Minnesota.^[5] 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^[6] and offers services including inventory management, manufacturing, and tool repair.^[7] Fastenal refers to itself as an industrial supply company,^[7] and Reuters calls it an industrial distributor.^[5]

History

Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968.^[6] 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.^[8] 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^[9] and import purchasing activities. Opening in 2001, Fastenal's Singapore location was its first site outside North America.^[10] By 2009, sales operations in this small city state^[10] were complemented by those in its larger neighbor Malaysia.^[11] 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.^[11] Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.^[12]

In 2012, Lee Hein took over as President of Fastenal. Hein started out in the company as a store employee.

Products and services

Fastenal location in Macomb, Illinois

Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing.^[6] Today's product range is more diverse, and the company had a total of 690,000 individual products as of 2010.^[5] In addition to a plethora of SKUs, the company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining.^[7]

Fastenal has retail stores in every U.S. state,^[13] every province of Canada,^[8] 14 Mexican states,^[8] and Puerto Rico,^[13] and Panama.^[13]

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,^[11] including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois,^[11] an operation in West Hartford,^[11] Connecticut, and another in Malaysia, etc.^[11] Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom.^[13] In 2006, the company had two offices in Taiwan, one of which included a product testing laboratory,^[14] which, as of 2007, was A2LA certified.

See also

• W. W. Grainger
• MSC Industrial Direct
• McMaster-Carr

References

External links

• Official Web Site
• Fastenal Racing