Fastenal

Last updated
Fastenal Company
Company type Public
Founded1967;57 years ago (1967)
Founder Bob Kierlin
Headquarters,
U.S.
Number of locations
3,334 (Mar 2023)
Area served
Key people
  • Daniel L. Florness (CEO)
  • Holden Lewis (CFO)
RevenueIncrease2.svg US$7.25 billion (2023)
Increase2.svgUS$1.53 billion (2023)
Increase2.svgUS$1.16 billion (2023)
Total assets Decrease2.svgUS$4.46 billion (2023)
Total equity Increase2.svgUS$3.35 billion (2023)
Number of employees
23,201 (2023)
Website fastenal.com
Footnotes /references
[1]

Fastenal Company is an American publicly traded 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 had 3,334 in-market locations as of March 2023. [3]

Contents

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. Opened 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 Quakertown Fastenal location April 30 2018.jpg
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] 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 Fastenal-5.jpg
Fastenal in Winona
Fastenal-8.jpg

See also

Related Research Articles

<span class="mw-page-title-main">Fuze Beverage</span> Drink manufacturer

Fuze Beverage, commercially referred to as simply Fuze, is a manufacturer of teas and non-carbonated fruit drinks enriched with vitamins. Currently the brand consists of five vitamin-infused lines: Slenderize, Refresh, Tea, Defensify, and Vitalize. The use of vitamins, amino acids, and herbs, and alternative sweeteners such as crystalline fructose places Fuze products in what is known in the industry as the new age beverage category.

<span class="mw-page-title-main">Domtar</span> Largest integrated producer of uncoated free-sheet paper in North America

Domtar Corporation is a North American pulp and paper company that manufactures and markets wood fiber-based pulp and paper products. The company operates pulp mills and paper mills in Windsor, Quebec; Dryden, Ontario; Kamloops, British Columbia; Ashdown, Arkansas; Hawesville, Kentucky; Plymouth, North Carolina; Marlboro County, South Carolina; and Kingsport, Tennessee. While Domtar operated independently for several decades and was listed on the Toronto and New York stock exchanges, the company was acquired by Paper Excellence Group in November 2021 and has since operated as a subsidiary.

<span class="mw-page-title-main">Fastener</span> Hardware device that mechanically joins or affixes two or more objects together

A fastener or fastening is a hardware device that mechanically joins or affixes two or more objects together. In general, fasteners are used to create non-permanent joints; that is, joints that can be removed or dismantled without damaging the joining components. Steel fasteners are usually made of stainless steel, carbon steel, or alloy steel.

Stanley Black & Decker, Inc., formerly known as The Stanley Works, is a Fortune 500 American manufacturer of industrial tools and household hardware, and a provider of security products. Headquartered in the greater Hartford city of New Britain, Connecticut, Stanley Black & Decker is the result of the merger of The Stanley Works and Black & Decker on March 12, 2010.

<span class="mw-page-title-main">Family Dollar</span> American retailer

Family Dollar Stores, Inc. is an American variety store chain. With over 8,000 locations in all states except Alaska and Hawaii, it was the second largest retailer of its type in the United States until it was acquired by Dollar Tree in 2015 when its headquarters operations were moved from Matthews, a suburb of Charlotte, North Carolina, to Chesapeake, Virginia, located in South Hampton Roads.

<span class="mw-page-title-main">WESCO International</span> Holding company

WESCO International, Inc. is an American publicly traded Fortune 500 holding company for Wesco Distribution, a multinational electrical distribution and services company based in Pittsburgh, Pennsylvania.

<span class="mw-page-title-main">Boustead Holdings</span> Malaysian Conglomerate

Boustead Holdings Berhad (BHB) (MYX: 2771) is a Malaysian corporation with over 16,000 employees across more than 80 listed and non-listed companies in Malaysia, Indonesia and the United Kingdom. It is an affiliate of the Malaysian military.

Vossloh AG is a rail technology company based in Werdohl in the state of North Rhine-Westphalia, Germany. The SDAX-listed group has achieved sales of around €930 million in 2016 and, as of 2017, had more than 4,000 employees.

<span class="mw-page-title-main">Merrow Sewing Machine Company</span>

The Merrow Sewing Machine Company, best known for inventing the overlock sewing machine, is a manufacturer of sewing machines. After the explosion of his gunpowder mill in 1837, in 1838 J.M. Merrow built a knitting mill on the same site. The company developed crocheting machines for its own use and by 1887 evolved to design, build and market sewing machines exclusively. During its early decades it was organized as a partnership under various names: established in 1838 as Joseph M. Merrow & Sons by J. Makens Merrow, then Pitkin, Merrow, & Co., renamed Merrow Manufacturing Co. in 1857, then Merrow and Millard in 1863, J.B. Merrow and Sons in 1870, and incorporated as The Merrow Manufacturing Company in 1893. Originally all of its manufacturing was done at facilities in Merrow, Connecticut, and then in Hartford, Connecticut, after 1894. The company is currently based in Fall River, Massachusetts.

<span class="mw-page-title-main">Masco</span> Construction and Home Improvement Company

Masco Corporation is an American manufacturer of products for the home improvement and new home construction markets. Comprising more than 20 companies, the Masco conglomerate operates nearly 60 manufacturing facilities in the United States and over 20 in other parts of the world. Since 1969 it trades on the NYSE. Under the leadership of Richard Manoogian, the company grew exponentially and subsequently joined the Fortune 500 list of largest U.S. corporations.

Hisense Group is a Chinese multinational major appliance and electronics manufacturer headquartered in Qingdao, Shandong Province, China. Televisions are the main products of Hisense, and it is the largest TV manufacturer in China by market share since 2004. Hisense is also an OEM, so some of its products are sold to other companies and carry brand names not related to Hisense.

Beijing Huaqi Information Digital Technology Co., Ltd, trading as Aigo, is a Chinese consumer electronics company. It is headquartered in the Ideal Plaza in Haidian District, Beijing.

NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca. NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form the first global equities exchange, with its headquarters in Lower Manhattan. The corporation was then acquired by Intercontinental Exchange, which subsequently spun off Euronext.

W. W. Grainger, Inc., is an American Fortune 500 industrial supply company founded in 1927 in Chicago by William W. (Bill) Grainger. He founded the company to provide consumers with access to a consistent supply of motors. The company now serves more than three million customers worldwide with offerings such as motors, lighting, material handling, fasteners, plumbing, tools, and safety supplies, along with inventory management services and technical support. Revenue is generally from business-to-business sales rather than retail sales. Grainger serves its customers through a network of approximately 598 branches, online channels, and 33 distribution facilities.

<span class="mw-page-title-main">Talon Zipper</span> Manufacturer of zippers

Talon was the first slide fastener, a/k/a zipper, manufacturing company. It was founded in 1893 as the Universal Fastener Company, manufacturing hookless fasteners for shoes. In 1913 it moved to Meadville, Pennsylvania, becoming the first manufacturer of zippers. The company flourished through the 1960s when it is estimated that seven out of every 10 zippers were made by Talon.

Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. In 2009 it ranked 362nd on the Fortune 500 list, and 11th in the aerospace and defense industry. In 2015 it ranked 322nd overall and 9th in the aerospace and defense industry. In 2014 it ranked 133rd on the S&P 500 based on market capitalization. In January 2016, the company became a wholly owned subsidiary of Berkshire Hathaway. Before that event, it used to be one of the three Fortune 500 companies headquartered in Oregon.

<span class="mw-page-title-main">Power Machines</span> Russian company

OJSC Power Machines is a Russian energy systems machine-building company founded in 2000. It is headquartered in Saint Petersburg.

<span class="mw-page-title-main">B/E Aerospace</span> Manufacturer of aircraft passenger cabin interior products

B/E Aerospace, Inc. was a manufacturer of aircraft passenger cabin interior products for the commercial and business jet aircraft markets. B/E Aerospace had leading worldwide market shares in all of its major product lines and served virtually all of the world's airlines, aircraft manufacturers and leasing companies through its direct global sales and customer support organizations. Based in Wellington, Florida, the company was capitalized as a $4.2 billion corporation as of January 2016.

<span class="mw-page-title-main">DXN (brand)</span> Malaysian international marketing company

DXN is an international company based in Malaysia. Founded in 1993 by Datuk Dr. Lim Siow Jin, DXN manufactures and markets dietary supplements containing the mushrooms Ganoderma or Lingzhi. DXN products are marketed by affiliated companies Daehsan, Ltd. and Daxen in some countries in Europe and Asia.

<span class="mw-page-title-main">Atommash</span> Russian engineering company

Atommash («Атоммаш») is a multidisciplinary engineering company located in Volgodonsk, Rostov Oblast, Russia. It was established in 1976 as a nuclear engineering corporation. Following privatization and bankruptcy in 1999, the industrial facilities of the enterprise were owned and managed by ZAO Energomash–Atommash, a part of the diversified engineering company Energomash.

References

  1. "Form 10-K Annual Report for the Fiscal Year Ended December 31, 2023 Fastenal Company". SEC.gov. U.S. Securities and Exchange Commission. 6 February 2024.
  2. "Fastenal". Fortune. Archived from the original on 2019-01-19. Retrieved 2021-12-30.
  3. "About Us | Fastenal". www.fastenal.com. Archived from the original on 2022-01-31. 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) [ permanent dead link ] 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". Archived from the original on 2017-02-02. Retrieved 2017-02-01.
  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 Archived 2010-08-19 at the Wayback Machine 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. 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 [ permanent dead link ] Fastenal Official Site