Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 2,100 stores, almost 1,200 on-site locations, and 14 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales.
Fastenal also offers customers supply-chain solutions, such as vending and vendor-managed inventory. Fastenal Company deals in distributing construction, industrial and safety supplies. They are essentially a company associated with and promoting industrial supply chain. They even offer other services that include inventory management, tool repairing, manufacturing and many other third party logistic requirements.
The company has more than 2,000 branches across Europe, Mexico, Canada and the United States. The company even offers vending machines, drill bits and other tools. In 2007, they initiated their own freight fleet in order to minimize excessive transportation cost. Custom packaging, product sourcing, inventory management are some of the major services they offer. Fastenal Company, founded in 1967, is a full-line distributor of different types of industrial and construction supplies.
The company s fastening systems include nuts, bolts, screws, socket products, washers, concrete anchoring systems, construction adhesives, firestops and pipes. Its cutting tools division specializes in metal removal tooling, custom design, and re-sharpening services using computerized numerical control equipment. The firm s hydraulics and pneumatics segment offers brand name fittings, hoses, pneumatic valves, and power transmission products. Its chemicals and paint division specializes in paints, lubricants, inhibitors, cleaners and degreasers. Fastenal Company is headquartered in Winona, Minn., and owns and operates more than 1,800 stores throughout the United States, Canada, Mexico, the Dominican Republic, Puerto Rico, Singapore, Europe and China. The company also indulges in global sourcing services and logistics operations too.
The clients of the company include government entities, railroad companies, mining companies, farmers, schools, truckers, etcetera. Growth Through Customer Service® Fastenal is a business-to-business supply chain solutions company and a wholesale distributor of industrial and construction supplies. Backed by global sourcing, quality, and logistics operations, each location is a local source for a spectrum of OEM/MRO supplies and solutions. Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing. Today's product range is more diverse, and the company had a total of 690,000 individual products as of 2010. In addition to a plethora of SKUs, the company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining.
Opening in the year 2001, the company's Singapore location was its first site outside North America as well. By the year 2009, the sales operations in Shanghai were complemented by those in its larger neighbour, which was Malaysia. Locally incorporated Fastenal Malaysia SDN BHD is associated with Fastenal's Malaysian activities too as well. The company mainly operates an A2LA accredited testing laboratory in Malaysia, as of the year 2014. Then in the year 2009, Fastenal acquired parts of Holo-Krome - which was a US-based socket head screw-making company. Fastenal and was added to the S&P 500 index by the end of the year 2008, replacing the removed corporations too.
As of the year 2012, Lee Hein had taken over as President of Fastenal. As of the year 2016, Daniel L Florness became the President and CEO of the company. Daniel Florness started with the company in 1996 as the company's CFO.
The headquarters of the company is based in 2001 Theurer Boulevard. The name of the place is Winona, while the name of the state is Minnesota, USA. The pin code of the area is 55987. Please take a note that you are about to post a public review about Fastenal Company corporate office on CorporateOffice.com.
This review will be public, so please do not post any of your personal information on this website. If you would like to contact the corporate offices of Fastenal Company, please use their contact information such as their phone number, website, and address listed above to contact them. However, sometimes staff from Fastenal Company headquarters do read the reviews on this website. Fastenal is an American company that focuses on providing various types of distribution centres, inventory management services, etcetera, for all of its customers and clients, around the world. As of the year 2018, the company has its presence in over 2,200 locations across the globe. The company provides its services in Asia, Europe, Canada, the USA and Mexico, with the help of its 13 distribution centres.
As of the year 2013, the company's annual revenue is more than $3,326 million. Also, the number of employees working at the company, as of the year 2017, is more than 20,500. The company is ranked at 687 places in the Fortune 1000 companies list. Fastenal Headquarters Address, Corporate Phone Number, Shipping Phone Number, and More information given right here. Importantly, in 1981 Fastenal purchased the inventory and customer list of the fastener lines of Briese Steel in Rochester.
That move spurred growth, first into La Crosse, Wisconsin, and then throughout the upper Midwest. By the early 1980s Fastenal was operating more than 30 company-owned stores. Kierlin focused aggressively on customer service and used his financial background to keep tight control on the company's finances. We had racked up a lot of invoices and thru miscommunication were unaware of how much we owed. I called the corporate side and spoke to someone who sent me all the invoices.
I told her we would send 3 checks for the 3 different months we owed. I asked about sending us to collections she assured me Fastenal would not as long as we were sending in payments. If anything our account at the local stores could be out on hold. We then received a letter that we would be sent to collections if they didn't receive all the money in 10 business days. I got frustrated because the lady I spoke with was extremely rude and acted like we hadn't been sending money in and hadn't communicated at all.
When I called again today I was met with "well we didn't receive the money yesterday so you were turned over to collections" I get it people need to get paid. However when you have people from your company call to collect and they make a plan with a customer who is following thru and sending in the payments DONT threaten to send them over to collections 1 week later. Amazingly, Fastenal moved through the early 1990s with virtually no long-term debt, while expanding at a rampant pace. New stores were added from the East Coast to the West Coast, and the company opened up a sixth distribution center. The total number of Fastenal outlets grew to 256 in 1993 and 324 by the end of 1994. With solid gains in existing store sales, company revenues increased to $110 million in 1993 and $161 million in 1994.
After posting record net earnings of $11.9 million in 1993, Fastenal's net income surged to $18.7 million in 1994. Fastenal's gains were the result of Kierlin's profitable strategy and constant adaptation to markets. By the early 1990s each Fastenal store was offering a huge 30,000 items. Four thousand of those were stocked, while the rest could be delivered within 24 hours from regional distribution facilities in Winona, Indianapolis, and Scranton .
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. Costs were kept low by locating shops in low-rent districts and minimizing other overhead. The founders' goal with Fastenal was to devise a means of making all kinds of nuts and bolts readily available to the general consumer.
The group tinkered with various solutions, including an idea for a nuts and bolts vending machine. They finally settled on a retail strategy to stock a store with thousands of fasteners that would serve as a dependable one-stop shop. Most of the initial planning was done during the weekends and other times when the group could get time off from work.
"It was almost like a hobby," Remick reminisced in the November 1994 Corporate Report-Minnesota. 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 and import purchasing activities. Opening in 2001, Fastenal's Singapore location was its first site outside North America. By 2009, sales operations in Shanghai were complemented by those in its larger neighbor Malaysia. 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. The first Fastenal shop opened its doors in 1967 on Winona's Lafayette Street. Despite sluggish sales, the group opened a second outlet in Rochester a few years later, thinking that the larger city might provide the customers that the Fastenal concept needed. It soon became clear to the partners, however, that the venture was a flop. The partners were delivering nuts and bolts in a 1949 Cadillac and having to periodically chip in $1,000 from their savings just to keep the company afloat. "We'd look at the income statement and say, 'We lost how much money?' and then order a round of Budweisers. There was so much red ink."
With some effort, he was able to persuade an IBM co-worker, Jack Remick, to help him pursue his goal of selling nuts and bolts. Also joining Kierlin were former high-school buddies Michael Gostomski, Dan McConnon, and Steve Slaggie. Slaggie, Kierlin, and McConnon had graduated from Winona Cotter High School in 1957, and Gostomski had followed in 1958. The five partners ponied up $30,000 and rented a 20-foot-wide storefront in Winona. The group's first dispute was over what to name the store. Someone suggested "Lightning Bolts," but two of the founders were so opposed to the name that they threatened to take their money and leave.
Remick hand-painted the store sign, which one day would be framed and hung in the company's headquarters offices. The idea for Fastenal was conceived by 11-year-old Robert A. Kierlin. When Kierlin assisted his father at the family's auto supply shop in Winona, Wisconsin, he noticed that customers typically drove from store to store looking for fasteners that they needed for particular jobs. 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. In many instances, Bob noted, the fastener simply couldn't be found and the buyer would have to place a special order and wait. "I wondered if you could put together a store with all the parts," Kierlin recalled in the November 9, 1992, Forbes.
Some of the notable buildings include the corporate offices, manufacturing building, and several major office, warehouse, and manufacturing additions. As was expected, recently announced annual net sales rose a typically strong 12.2 percent. This, as total store count was reduced by 1.9%, netting fifty fewer stores than was reported at the end of 2013. Over the past two decades, the company has reported a reduction in annual sales just once, during recession-struck, 2009.
It also provides products and services like small fastener manufacture, machining, inventory management, and vending. In order to purchase the tools and other services of Fastenal then they are available at e-commerce at lower rates. All the contact details of Fastenal are taken from its official website. Fastenal refers to itself as a supply chain solutions company, while Reuters calls it an industrial distributor. Fastenal Company sells industrial and construction supplies in a wholesale and retail fashion. The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and the Netherlands.
Founded in 1967 as a fastener shop, Fastenal now operates more than 3,200 branches and on-site locations in all 50 US states and in Canada, Mexico, Asia, Africa, and Europe. Its customers include construction, manufacturing, and other industrial professionals Fastenal generates the majority of its revenue in US. The company has been operational for almost 52 years now. Fastenal's offerings are mainly all purchased and not made.
In the year 1987, the company had become a limited public entity. But as of the year 2009, the company has at least one cold heading manufacturing line as well. By the year 2004, 50 per cent of the product that was processed was steel. As of the year 2009, the company had retail sales outlets in every province and two Canadian distribution centres as well. The same year, the company had established retail outlets in almost fourteen of Mexico's states as well as a distribution centre too.
The company had started its Mexico activities in the year 2001. A business needs an EIN in order to pay employees and to file business tax returns. To be considered a Partnership, LLC, Corporation, S Corporation, Non-profit, etc. a business must obtain an EIN. Also, financial institutions such as banks, credit unions, and brokerage houses will not open an account for a corporation without an EIN.
As Fastenal carried its successful strategy into small and medium-sized towns throughout the United States and into Canada, sales and profits surged. Even per-store sales continued to climb, despite economic recession in the early 1990s. Fastenal's revenues grew from $11.6 million in 1985 to $20.3 million and $41.2 million in 1987 and 1989, respectively, while net earnings climbed from $818,000 to $4.3 million. Between 1989 and 1992, sales doubled to $81.3 million as net income climbed to $8.83 million. In 1992 Fastenal opened a fourth distribution center in Dallas and agreed to purchase a fifth in Atlanta.
Kierlin and the other co-founders, who still owned a combined 45 percent of the company, had become millionaires. YP - The Real Yellow PagesSM - helps you find the right local businesses to meet your specific needs. Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. "Preferred" listings, or those with featured website buttons, indicate YP advertisers who directly provide information about their businesses to help consumers make more informed buying decisions.
YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page. Machining may be a better term for what Fastenal calls its "manufacturing" operations. Working as Part-Time Distribution Center Help Desk, you will provide assistance to Fastenal branches by responding to help desk calls related to orders and/or products.
This is an entry-level position based out of our distribution center located at 2001 Theurer Blvd., Winona, MN 55987. Fastenal is the largest fastener distributor in North America. Shop our huge selection of OEM, MRO, construction, industrial, and safety products. Fastenal is a chain of stores that sells 1.4 million industrial and construction products. Winona, Minnesota has been home base for Fastenal ever since we opened our first location in 1967. Fastenal Co is primarely in the business of retail-building materials, hardware, garden supply.
For financial reporting, their fiscal year ends on December 31st. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Fastenal Co. His cluttered office in Winona housed a telescope that he used to bird watch . He rarely wore a tie to work and was known for his informal style, as well as a unique salary plan. Even when his company became a publicly traded, multi-million-dollar corporation, he paid himself only $120,000 annually, which was less than he paid several of his employees. And, unlike other chief executives who received low salaries, he paid himself no incentive bonus of any kind.
