Fastenal
| Company type | Public |
|---|---|
| Industry | Industrial supply |
| Founded | 1967 in Winona, Minnesota, United States |
| Founder | Bob Kierlin |
| Headquarters | Winona , United States |
Area served | United States, Canada, Mexico, Europe, Asia |
Key people | Daniel L. Florness (CEO) |
| Products | Industrial supplies, fasteners, inventory management solutions, vending machine services, precision machining |
Number of employees | Over 400 (as of 2000) |
| Website | www |
Fastenal Company is a publicly listed industrial supply firm based in Winona, Minnesota, United States. Established in 1967 by Bob Kierlin, the company focuses on supply chain solutions such as bin stocking, vending machine systems, and comprehensive cost of ownership evaluations. In the 2021 Fortune 500 rankings, Fastenal was positioned at number 479, reflecting its 2020 revenue figures. Its shares are components of both the Nasdaq 100 and S&P 500 stock market indexes. By March 2023, Fastenal had expanded to operate 3,334 in-market locations spanning the U.S., Canada, Europe, and Asia.
History
Founded by Bob Kierlin in 1967 and formally incorporated the following year, Fastenal provides a combination of purchased and self-manufactured industrial products. Daniel L. Florness assumed the role of CEO in January 2016 after serving as CFO since 1996, guiding the company’s strategic growth initiatives.
The company increased its market footprint through acquisitions, including acquiring segments of Holo-Krome, a manufacturer specializing in socket head screws, in 2009. Fastenal’s inclusion in the S&P 500 index in late 2008 highlighted its strong financial standing and expanding market presence.
Fastenal has enhanced its brand recognition through sports sponsorships, partnering with NASCAR since 2006 and becoming the official maintenance, repair, and operations (MRO) partner for the NHL starting in 2020. These efforts have contributed to strengthening Fastenal’s global competitiveness.
Canada
Entering Canada in 1994, Fastenal now maintains branch locations throughout all provinces, supported by two distribution centers.
Mexico
The company expanded into Mexico in 1999 and currently operates branches across 14 states along with a dedicated distribution center to facilitate regional operations.
Asia
Fastenal Asian Sourcing and Trading Co., a wholly foreign-owned enterprise located in Shanghai, China, manages sourcing and import procurement activities. Established in 2001, the Singapore office was Fastenal’s first international location outside North America. By 2009, sales operations had been extended to Malaysia where Fastenal Malaysia Sdn Bhd oversees local business functions and runs an A2LA-accredited testing laboratory since 2014.
Products and services
Initially concentrating on fasteners such as screws, nuts, and threaded rods for manufacturing and construction applications, Fastenal’s catalog had grown to approximately 690,000 SKUs by 2010. The company also provides inventory management solutions, small-scale fastener production, vending machine services, and precision machining.
Fastenal operates retail outlets across every U.S. state, Canadian province, fourteen Mexican states, Puerto Rico, and Panama.
By the year 2000, Fastenal employed over 400 personnel across six manufacturing facilities including locations in Rockford, Illinois (specializing in cold heading), Wallingford, Connecticut, and Malaysia. Globally, it maintains production sites in China, the Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom. In Asia specifically, sourcing offices in China and Taiwan feature A2LA-accredited testing laboratories that have supported quality assurance efforts since at least 2007.