Top buyers of fastenal from around the world. . . Fastenal Co. (Nasdaq: FAST), Winona, Minnesota, reported October sales of $488.2 million, down 0.4% from the same month a year ago. Kierlin continued to improve Fastenal’s strategy during the 1970s and gradually began expanding with new stores. Fastenal Uses Cookies to Improve User Experience. “They called us and the part is an oddball, something we don’t have in stock. Quality products and quality service—that’s what Fastenal Company is all about! Nevertheless, the company continued to carry no long-term debt and had plans to open between 100 and 150 stores in 2001, depending on the strength of the economy. (203) 741-6808 Kierlin continued to expand Fastenal at a rapid rate. But as of 2009, the company has at least one cold heading manufacturing line. The stock jumped from $9 to $15 by year-end, making the Fastenal initial public offering the most successful of the 627 conducted during the year of the October 1987 crash. Fastenal - Ingersoll (ONING) 180 Whiting Street: 519-425-2658: Fastenal - Kingston (ONKIN) 1225 Gardiners Rd. International Directory of Company Histories. By 1995 only two of the original founders were with the company: President and Chief Executive Kierlin and Treasurer Steve Slaggie. Shop our huge selection of OEM, MRO, construction, industrial, and safety products. Store operators were trained to find the answer to any question posed to them by a customer, as service was the centerpiece of the Fastenal strategy, and any parts that Fastenal employees couldn’t track down could be custom manufactured in the Winona plant. ." Fastenal Canada Company; Fastenal Company Services; Fastenal Company Purchasing; Fastenal Company Leasing; Fastenal Mexico Services S. de R.L. Costs were kept low by locating shops in low-rent districts and minimizing other overhead. Swalboski, Gran, “Booming Fastenal Driven by Service,” Successful Business, March 11, 1991, p. 22. However, the date of retrieval is often important. “We’d look at the income statement and say, ‘We lost how much money?’ and then order a round of Budweisers. Besides its Fastenal stores, the company has also begun operating FastTool and Fastenal/Fast-Tool outlets, which offer an array of tools and safety supplies. When Kierlin assisted his father at the family’s auto supply shop in Winona, Minnesota, he noticed that customers typically drove from store to store looking for fasteners that they needed for particular jobs. de C.V.; Fastenal Mexico S. de R.L. An investigation by Environment and Climate Change Canada found Fastenal Canada Ltd. imported and sold aerosol products containing hydrochlorofluorocarbons between November 2012 … Ciccantelli, Meg, “Corporate Capsule: Fastenal Co.,” Minneapolis-St. Paul CityBusiness, November 26, 1993, p. 21. 24 hours from regional distribution facilities in Winona, Indianapolis, and Scranton (Pennsylvania). Panjiva helps you find, evaluate and contact buyers of fastenal. With the economy picking up, Fastenal is returning to one of its main growth drivers, opening new stores that sell Fastenal and other products … Fastenal Company sells nuts, bolts, screws, and other fasteners and related supplies (the company’s original product line) ; power tools; cutting tools; hydraulics and pneumatics products; material handling products; janitorial supplies; electrical supplies; welding supplies; and safety supplies. International Directory of Company Histories. If a hardware store didn’t have the right nut or bolt, the owner would often send the customer to the Kierlins’ store, and vice-versa. Also joining Kierlin were former high-school buddies Michael Gostomski, Dan McConnon, and Steve Slaggie. The company planned to build 500 to 1,000 of those stores over the long term. American industrial supply company based in Winona, Minnesota, Learn how and when to remove this template message, "Fastenal Company SEC Filing 10-K December 2014", "FASTENAL CO 2013 Annual Report Form (10-K)", "FASTENAL CO 2014 Q1 Quarterly Report Form (10-Q)", UPDATE 1-Fastenal Q3 results beat market estimates, Fastenal Company to Acquire Holo-Krome Company, President’s Letter to Shareholders (2008), President’s Letter to Shareholders (2009), Salesforce.com, Fastenal to Replace Fannie, Freddie in S&P 500, List of companies based in Minneapolis–Saint Paul, https://en.wikipedia.org/w/index.php?title=Fastenal&oldid=995768170, Articles with dead external links from August 2019, Articles with permanently dead external links, Articles with a promotional tone from May 2017, Articles with unsourced statements from March 2014, Creative Commons Attribution-ShareAlike License, This page was last edited on 22 December 2020, at 20:07. The stores were typically able to garner profit margins of between 50 percent and 80 percent, which was far above the industry average of about 37 percent. The change turned out to be exactly what the stores needed to become profitable, and Kierlin left IBM in 1973 to run Fastenal full time. Burcum, Jill P., “Winona’s Fastenal Bolts Past $100-Million Mark,” Corporate Report Minnesota, November 1994, p. 22. Public Company Incorporated: 1968 Employees: 1,600 Sales: $162 million Stock Exchanges: NASDAQ SICs: 5072 Hardware Company History: Fastenal Company sells nuts, bolts, and other industrial and construction supplies. He rarely wore a tie to work and was known for his informal style, as well as a unique salary plan. The total number of Fastenal outlets grew to 256 in 1993 and 324 by the end of 1994. Buttweiler, Joe, “Fastenal Was Best IPO Performer,” Minneapolis-St. Paul CityBusiness, February 8, 1988, p. 16. Therefore, that information is unavailable for most Encyclopedia.com content. There are options available that will allow you to ship items ordered from e-commerce stores like Fastenal to your house or office address in Canada. Between 1989 and 1992, sales doubled to $81.3 million as net income climbed to $8.83 million. Youngblood, Dick, “Fastenal Co. U.S.A. [16], Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing. Fastenal offers same-day service on thousands of construction and industrial supplies. Fax: (404) 240-6584 Fastenal Company (Nasdaq:FAST), a leader in the wholesale distribution of industrial and construction supplies, today announced its financial results for the quarter ended September 30, 2019. U.S.A. By 1992 Fastenal was operating 200 stores throughout the industrial heartland of Pennsylvania, Ohio, Michigan, and Minnesota, but also as far away as Texas, New York, the Dakotas, and West Virginia. The idea for Fastenal was conceived by 11-year-old Robert (Bob) A. Kierlin. Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968. The idea for Fastenal was conceived by 11-year-old Robert (Bob) A. Kierlin. Fastenal Uses Cookies to Improve User Experience. Local source for millions of MRO, OEM, and Safety items. Fastenal has 21,948 employees across 22 locations and $5.33 B in annual revenue in FY 2019. We…, Dairy Mart Convenience Stores Inc Fastenal is the largest fastener distributor in North America. The Cotter campus was moved to the closed College of St. Teresa, where ceilings were lowered to house computer networking infrastructure. 1965Dennis . Rather than targeting the general consumer, they decided to focus on the commercial market. Distributing goods used by other businesses, it has over 2,600 branches throughout the US, Canada, Mexico and Europe along with 13 distribution centers. 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