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Type | Public |
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Founded | 1967 |
Headquarters | Winona, Minnesota, U.S. |
Number of locations | 3,209 (Dec 2021) |
Area served | |
Key people |
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Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 20,507 (Dec 2021) |
Website | www |
Footnotes / references [1] |
Fastenal Company is an American company based in Winona, Minnesota. It ranked 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's service model centers on approximately 3,200 in-market locations.[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. 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.[7]
Fastenal is also a sponsor of NASCAR since 2006 and most recently became the official MRO partner of the NHL in 2020.[8]
Canada
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.
Mexico
It commenced its Mexico activities in 2001.[citation needed] As of 2009, Fastenal had established retail outlets in 14 of Mexico's states as well as a distribution center.[9]
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[10] and import purchasing activities. Opening in 2001, Fastenal's Singapore location was its first site outside North America.[11] By 2009, sales operations in Shanghai were complemented by those in its larger neighbor Malaysia.[12] 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.[12] Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.[13][14]
Products and services
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,[15] every province of Canada,[9] 14 Mexican states,[9] and Puerto Rico,[15] and Panama.[15]
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,[12] including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois,[12] an operation in Wallingford,[12] Connecticut, and another in Malaysia, etc.[12]
Internationally, Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom.[15] In 2006, the company had two sourcing offices in Asia, China and Taiwan, both have an accredited testing laboratory,[16] which, as of 2007, was A2LA certified.
See also
References
- ^ "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.
- ^ "Fastenal". Fortune. Retrieved 2021-12-30.
- ^ "About Us | Fastenal". www.fastenal.com. Retrieved 2021-06-10.
- ^ a b About Us (Video) Fastenal official site
- ^ a b UPDATE 1-Fastenal Q3 results beat market estimates reuters.com, Tue Oct 12, 2010 8:33am EDT
- ^ a b Fastenal Co (FAST.O) Fastenal About Us
- ^ "Archived copy". Archived from the original on 2016-01-02. Retrieved 2016-02-19.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ "NHL Partnership | Fastenal". www.fastenal.com. Retrieved 2021-06-10.
- ^ a b c Fastenal Company to Acquire Holo-Krome Company Fastenal Official Site, December 9, 2009
- ^ President’s Letter to Shareholders 2004[permanent dead link] Fastenal Official Site
- ^ President’s Letter to Shareholders (2008)[permanent dead link] Fastenal Official Site
- ^ a b c d e f President’s Letter to Shareholders (2009)[permanent dead link] Fastenal Official Site
- ^ Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500 bloomberg.com, September 9, 2008 17:45 EDT
- ^ Fastenal Company stock forecasting
- ^ a b c d Home > About Us > Company Overview > Distribution Overview Fastenal Official Site
- ^ President’s Letter to Shareholders 2006 Fastenal Official Site
External links
- Official website
- Business data for Fastenal: