Description
Fastenal Company is an American company based in Winona, Minnesota. Fastenal's service model centers on approximately 3,200 in-market locations, each providing custom inventory, and a dedicated sales team to support local businesses. Fastenal offers companies supply chain solutions that help business reduce inventory touches, and supply chain waste. Fastenal refers to itself as a supply chain solutions company, and Reuters calls it an industrial distributor. Fastenal is also a sponsor of NASCAR since 2006 and most recently became the official MRO partner of the NHL in 2020.
History
Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968. Fastenal's offerings are purchased, not made. But as of 2009, the company has at least one cold heading manufacturing line. By 2004, 50% of product was processed steel.
It entered the Canadian market in 1994, as of 2009 Fastenal had retail sales outlets in every province and two Canadian distribution centers. As of 2009, Fastenal had established retail outlets in 14 of Mexico's states as well as a distribution center. It commenced its Mexico activities in 2001. 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 this small city state 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.
In 2009, Fastenal acquired parts of Holo-Krome, a socket head screw-making company. Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.
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.
