Fastenal Company
TypePublic
Founded1967 (1967)
FounderBob Kierlan
HeadquartersWinona, Minnesota, U.S.,
Winona, Minnesota
,
United States
Number of locations
3,334 (Mar 2023)
Area served
Key people
  • Daniel L. Florness (CEO)
  • Holden Lewis (CFO)
RevenueIncrease US$6.01 billion (2021)
Increase US$1.22 billion (2021)
Increase US$925 million (2021)
Total assetsIncrease US$4.30 billion (2021)
Total equityIncrease US$3.04 billion (2021)
Number of employees
20,507 (Dec 2021)
Websitewww.fastenal.com
Footnotes / references
[1]

Fastenal Company is an American company based in Winona, Minnesota, founded in 1967. It placed 479 in the 2021 Fortune 500 based on its 2020 revenues,[2] and its stock is a component of the Nasdaq 100 and S&P 500 stock market indices. Fastenal currently has 3,334 in-market locations as of March 2023.[3]

Fastenal refers to itself as a supply chain solutions company,[4] while Reuters calls it an industrial distributor.[5]

History

Founded in 1967 by Bob Kierlin, the company was incorporated on December 24, 1968.[6] Fastenal's offerings include both purchased and manufactured products.

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.[7]

Fastenal has been a sponsor of NASCAR since 2006, and in 2020, they became the official MRO partner of the NHL.[8]

In 2009, Fastenal acquired parts of Holo-Krome, a socket head screw-making company.[9] Fastenal then was added to the S&P 500 index in late 2008.[10][11]

Canada

It entered the Canadian market in 1994.[12] The company has branch locations in every province and two Canadian distribution centers.

Mexico

In 1999, Fastenal entered the market in Mexico.[12] Fastenal has branches in 14 of Mexico's states as well as a distribution center.[13]

Asia

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.[9] 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

2018 Bolt Award winning branch located in Quakertown, PA

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.[4]

Fastenal has retail stores in every U.S. state,[16] every province of Canada,[13] 14 Mexican states,[13] and Puerto Rico,[16] and Panama.[16]

As of 2000, the company employs 400-plus people at six manufacturing locations,[9] including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois,[9] an operation in Wallingford,[9] Connecticut, and another in Malaysia, etc.[9]

Internationally, Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom.[16] In 2006, the company had two sourcing offices in Asia, China and Taiwan, both have an accredited testing laboratory,[17] which, as of 2007, was A2LA certified.

Fastenal in Winona

See also

References

  1. ↑ "Form 10-K Annual Report for the Fiscal Year Ended December 31, 2021 Fastenal Company". SEC.gov. U.S. Securities and Exchange Commission. 7 February 2022.
  2. ↑ "Fastenal". Fortune. Retrieved 2021-12-30.
  3. ↑ "About Us | Fastenal". www.fastenal.com. Retrieved 2021-06-10.
  4. 1 2 About Us (Video) Archived 2015-03-30 at the Wayback Machine Fastenal official site
  5. 1 2 UPDATE 1-Fastenal Q3 results beat market estimates reuters.com, Tue Oct 12, 2010 8:33am EDT
  6. 1 2 Fastenal Co (FAST.O) Archived 2022-01-31 at the Wayback Machine Fastenal About Us
  7. ↑ "Fastenal Company - Management". Archived from the original on 2016-01-02. Retrieved 2016-02-19.
  8. ↑ "Fastenal Named NHL's Official MRO Partner Through 2024". Industrial Distribution. 2020-08-19. Retrieved 2022-09-28.
  9. 1 2 3 4 5 6 President’s Letter to Shareholders (2009) Fastenal Official Site
  10. ↑ Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500 bloomberg.com, September 9, 2008 17:45 EDT
  11. ↑ Fastenal Company stock forecasting
  12. 1 2 "EX-21 Fastenal List of subsidiaries". U.S. Securities and Exchange Commission. Retrieved 2022-07-21.
  13. 1 2 3 Fastenal Company to Acquire Holo-Krome Company Fastenal Official Site, December 9, 2009
  14. ↑ President’s Letter to Shareholders 2004 Fastenal Official Site
  15. ↑ President’s Letter to Shareholders (2008) Fastenal Official Site
  16. 1 2 3 4 Home > About Us > Company Overview > Distribution Overview Archived 2013-01-26 at the Wayback Machine Fastenal Official Site
  17. ↑ President’s Letter to Shareholders 2006 Fastenal Official Site
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