[10] It commenced its Mexico activities in 2001. Although all of the original founders contributed to the venture’s growth, Kierlin was always the driving force; in fact, the other founders, with the exception of Slaggie, went on to start their own small companies while remaining part-owners in Fastenal. 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. 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 men finally settled on Fastenal, as in “Fasten All.” Remick hand-painted the store sign, which one day would be framed and hung in the company’s headquarters offices. That number grew to 45 in 1986 and 58 in 1987. Therefore, it’s best to use Encyclopedia.com citations as a starting point before checking the style against your school or publication’s requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html, 2001 Theurer BoulevardWinona, Minnesota 55987U.S.A. Fastenal is the 16th largest public company in Minnesota, with revenue of nearly $5 billion and net income of $751.90 million in 2018. Dairy Mart Convenience Stores, Inc. He rarely wore a tie to work and was known for his informal style, as well as a unique salary plan. Even per-store sales continued to climb, despite economic recession in the early 1990s. Burcum, Jill P., “Winona’s Fastenal Bolts Past $100-million Mark,” Corporate Report-Minnesota, November 1994, p. 22. Thanks to these individuals and resources, Fastenal Canada accounted for over 6% of total company revenues, or $300 million, in 2018. 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. The Cotter campus was moved to the closed College of St. Teresa, where ceilings were lowered to house computer networking infrastructure. As Fastenal carried its successful strategy into small and medium-sized towns throughout the United States and into Canada, sales and profits surged. Importantly, in 1981 Fastenal purchased the inventory and customer list of the fastener lines of Bliese Steel in Rochester. Later, Fastenal even began manufacturing custom parts that could not be found on the market, at a manufacturing and distribution plant established in Winona. However, the date of retrieval is often important. "Fastenal Company Positioned next to Fastenal shops, FastTool carried the same concept to the tool market by offering about 3,000 different power and hand tools and safety products. https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company, "Fastenal Company Internationally, Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom. Fastenal resells industrial, safety, and construction supplies[8] and offers services including inventory management, manufacturing, and tool repair. You checked the company’s website and are sure that Fastenal or the other e-commerce store you want to purchase from will not ship to Canada. Philadelphia, Pennsylvania 19114 Cite this article Pick a style below, and copy the text for your bibliography. Much of that was used to transform Cotter into a world-class, technology-rich institution that was ultimately attracting hundreds of boarding students from around the country and even the world. Kierlin focused aggressively on customer service and used his financial background to keep tight control on the company’s finances. Teitelbaum, Richard, “Who Is Bob Kierlin—and Why Is He So Successful?,” Fortune, December 8, 1997, pp. Ciccantelli, Meg, “Corporate Capsule: Fastenal Co.,” Minneapolis-St. Paul CityBusiness, November 26, 1993, p. 21. That move spurred growth, first into La Crosse, Wisconsin, and then throughout the upper Midwest. Web site: http://www.debsh…, Fast, Howard (Melvin) 1914-2003 (E. V. Cunningham, Walter Erickson), https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company-0, https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company. Fastenal had 250 employees at its initial public offering and allocated 100,000 of the offering’s 1 million shares to its employees. . 17 shops were added in 1988, 28 in 1990, and 32 in 1991. Morse, Dan, “Hardware Distributor Sticks to Nuts-and-Bolts Strategy,” Wall Street Journal, July 3, 2001, p. B2. Evansville, Indiana 47711 In addition, unlike other chief executives who received low salaries, he paid himself no incentive bonus of any kind. As an example, a contractor paying employees $30 per hour in wages and benefits could not afford to have a project held up by the lack of a special fastener for a piece of equipment—and he knew he could find it at Fastenal. Doing Well by Sticking to Nuts and Bolts,” Minneapolis Star Tribune, September 27, 1993. By region, U.S. sales grew 3%, Canada/Mexico … In many instances, Bob noted, the fastener simply couldn’t be found and the buyer would have to place a special order and wait. Most onesy, twosy bolt customers go to Ace hardware, tractor supply or Lowes around here. The first Fastenal shop opened its doors in 1967 on Winona’s Lafayette Street. Croghan, Lore, “The Wal-Mart of Nuts and Bolts,” Financial World, July 18, 1995, p. 51. 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. Sales for 2000 increased 22.4 percent over the previous year, reaching $745.7 million, while net earnings totaled $80.7 million, an increase of 23.3 percent. 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. Fastenal promotes its products using in-store signage, catalogs, events, email, radio, and online marketing, and direct mailing (including promotional flyers). The stores are stocked via 11 distribution centers. About 50 percent of Fastenal’s sales during the early 1990s came from manufacturing companies, while another 30 percent came from the construction industry. “It was almost like a hobby,” Remick reminisced in the November 1994 Corporate Report Minnesota . But as of 2009, the company has at least one cold heading manufacturing line. Meanwhile, by year-end 1997, Fastenal was operating 644 stores, which were located in all 48 of the contiguous United States, as well as in Puerto Rico and Canada. The company reported daily sales of $22.1 million, also up 6.8% versus a year ago. If a hardware store did not have the right nut or bolt, the owner would often send the customer to the Kierlins’store, and vice-versa. Toward the end of the year, the slowdown of the U.S. economy began affecting Fastenal’s sales, a trend that continued into 2001. Kierlin backed his rhetoric financially. Sales and earnings growth slowed in 1998 and 1999 due in part to the aftereffects of the Asian financial crisis, which began in late 1997 and dampened demand for North American manufacturing exports. In 1992 Fastenal opened a fourth distribution center in Dallas and agreed to purchase a fifth in Atlanta. One area of increased growth was in so-called in-plant stores, which were supply depots set up and run by Fastenal within the plants of large customers. The stores stocked a large selection and promised prompt delivery of any item that was not on the shelf. Swalboski, Gran, “Booming Fastenal Driven by Service,” Successful Business, March 11, 1991, p. 22. 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. Retrieved December 21, 2020 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company. Kierlin and his partners discovered that there was a great need for a service that could quickly provide the fastener or part that a buyer needed. Fastenal offers same-day service on thousands of construction and industrial supplies. 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. Panjiva helps you find, evaluate and contact buyers of fastenal. This spirit of community connection remains central to our culture, today shining through in thousands of cities and towns where our local “Blue Teams” work, live, lead, and give back. Retrieved December 21, 2020 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company-0. (December 21, 2020). Fastenal shall have exclusive ownership rights of present and future existing rights in the information provided, without compensation to the person sending the information. About 50 percent of Fastenal’s sales during the early 1990s came from manufacturing companies, while another 30 percent came from the construction industry. . 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. The company was also experimenting in 1995 with a small Fastenal/FastTool combination store for small towns with 5,000 to 8,000 residents. “The ship almost went under,” Slaggie recalled. If a hardware store did not have the right nut or bolt, the owner would often send the customer to the Kierlins’store, and vice-versa. Giving credence to the optimistic view of the company’s future was Fastenal’s proven ability to select the right sites for its stores; only four locations had been closed in the entire history of the company. 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. [16], Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing. The final years of the 20th century saw Fastenal expand both its product lines and the number of stores it operated. 1 review of Fastenal "This is a really tough place for me to review. 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. Beneath his casual exterior, Kierlin was an aggressive capitalist and ideologue with little patience for the methods of government or organized labor. By 1995 only two of the original founders were with the company: President and Chief Executive Kierlin and Treasurer Steve Slaggie. Fax: (901) 495-8300 The reason for Fastenal’s proliferating base of customers was readily apparent: customers were willing to pay a premium for a dependable service that could save them a lot of money. Most online reference entries and articles do not have page numbers. Kierlin was a singular personality. 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. . Kierlin continued to expand Fastenal at a rapid rate. International Directory of Company Histories. 2001 Theurer BoulevardWinona, Minnesota 55987-1500U.S.A.Telephone: (507) 454-5374Fax: (507) 453-8049Web site: http://www.fastenal.com, Public CompanyIncorporated: 1968Employees: 6,477Sales: $745.7 million (2000)Stock Exchanges: NASDAQTicker Symbol: FASTNAIC: 421710 Hardware Wholesalers; 332722 Bolt, Nut, Screw, Rivet, and Washer Manufacturing. Although all of the original founders contributed to the venture’s growth, Kierlin was always the driving force; in fact, the other founders, with the exception of Slaggie, went on to start their own small companies while remaining part-owners in Fastenal. In a book that he self-published in the early 1990s, The Unified Theory of Life, Kierlin condemned the state of public education. Product introductions during 1996 included the SharpCut line of metal cutting tools, the PowerFlow line of fluid transfer parts and accessories for hydraulic and pneumatic power, the EquipRite line of material handling and storage products, and the CleanChoice line of janitorial and paper products. Even when his company became a publicly traded, multimillion-dollar corporation, he paid himself only $120,000 annually, which was less than he paid several of his employees. Local source for millions of MRO, OEM, and Safety items. Fastenal Uses Cookies to Improve User Experience. Encyclopedia.com. Some of the stores were called FastTool, which debuted in 1993. By 1985 the chain had grown to a total of 35 company-owned stores. Expansions of the distribution centers in Scranton and Dallas were begun in 1998 and completed in 1999. Buttweiler, Joe, “Fastenal Was Best IPO Performer,” Minneapolis-St. Paul CityBusiness, February 8, 1988, p. 16. Distributing goods used by other businesses, it has over 2,600 branches throughout the US, Canada, Mexico and Europe along with 13 distribution centers. [13] Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.[14][15]. “We’d look at the income statement and say, ‘We lost how much money?’ and then order a round of Budweisers. Telephone: (404) 231-0011 The Fastenal Co PE ratio based on its reported earnings over the past 12 months is 33.95.The shares are currently trading at $49.47.. Fastenal’s gains were the result of Kierlin’s profitable strategy and constant adaptation to markets. The men finally settled on Fastenal. 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 Barrett, William P., “Bob Kierlin Versus the Shorts,” Forbes, November 9, 1992, p. 204. Famous for the frugality of the company founder, Fastenal is also distinguished by its record of rapid, highly successful growth since going public in 1987. International Directory of Company Histories. Ford’s regular supplier told the company it would have to wait until Monday —three days later. 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. The five partners ponied up $30,000 and rented a 20-foot-wide storefront in Winona. All content is posted anonymously by employees working at Fastenal. Forster, Julie, “Nuts-and-Bolts Style Suits Fastenal’s Kierlin,” Corporate Report Minnesota, July 1999, p. 22. The Cotter campus was moved to the closed College of St. Teresa, where ceilings were lowered to house computer networking infrastructure. Fastenal Company sells nuts, bolts, and other industrial and construction supplies. Quality products and quality service—that’s what Fastenal Company is all about! 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. Buttweiler, Joe, “Fastenal Was Best IPO Performer,” Minneapolis-St. Paul City Business, February 8, 1988, Section 1, p. 16. As an example, a contractor paying employees $30 per hour in wages and benefits couldn’t afford to have a project held up by the lack of a special fastener for a piece of equipment —and he knew he could find it at Fastenal. Costs were kept low by locating shops in low-rent districts and minimizing other overhead. As of 2009, Fastenal had established retail outlets in 14 of Mexico's states as well as a distribution center. In 2000 Fastenal began operating a second manufacturing facility at its Fresno, California, distribution center. Fastenal Uses Cookies to Improve User Experience. We had them fax us the blueprint for the machine and we determined we could make it.… We had them finished Sunday afternoon.”. With some effort, he was able to persuade an IBM coworker, Jack Remick, to help him pursue his goal of selling nuts and bolts. Slaggie, Kierlin, and McConnon had graduated from Winona Cotter High School in 1957, and Gostomski had followed in 1958. Ford’s regular supplier told the company it would have to wait until Monday—three days later. It also entered its 29th state. Kierlin and the other co-founders, who still owned a combined 45 percent of the company, had become millionaires. In 1992 Fastenal opened a fourth distribution center in Dallas and agreed to purchase a fifth in Atlanta. . Remick hand-painted the store sign, which one day would be framed and hung in the company’s headquarters offices. Within six years the foundation had contributed a whopping $25 million. Cookies are not used for the processing, collection or storage of personal data under any circumstances. “They called us and the part is an oddball, something we don’t have in stock. The stores stocked a large selection and promised prompt delivery of any item that wasn’t on the The following year Fastenal began accepting orders via the company web site; as of mid-2001, however, only 1 percent of overall sales came in over the Internet. [7] In addition to a plethora of SKUs, the company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining. U.S.A. (December 21, 2020). Telephone: (216) 921-6900 ." These results are derived from various public and private data sources. After posting record net earnings of $11.9 million in 1993, Fastenal’s net income surged to $18.7 million in 1994. The group finally determined that their retail strategy was flawed. Fastenal offers same-day service on thousands of construction and industrial supplies. Fastenal Uses Cookies to Improve User Experience. We…, Dairy Mart Convenience Stores Inc Vending and managed inventory solutions provider. Going into 2001 it offered as many as 195,000 different parts at its 897 company-operated stores throughout the continental United States, Puerto Rico, and Canada. U.S.A. In 1987 he and the other Fastenal cofounders set up the Hiawatha Education Foundation to help Cotter, their alma mater, and other area Catholic schools. 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 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. The first Fastenal shop opened its doors in 1967 on Winona’s Lafayette Street. Fastenal is the largest fastener distributor in North America. Web site:http://www.offic…, AutoZone Inc By 2000, 35.5 percent of overall sales were being generated by the newer, nonfastener product lines. McLeod, Reggie, “Fastenal’s Success Boon to Schools: Winona Firm’s Founders Aid Private Education,” Successful Business, August 29, 1989, p. 30. Parker, Walter, “Fastenal Corp. I go there as a last resort. Memphis, Tennessee 38103-3607 Fastenal Company is an American company based in Winona, Minnesota. ." Instead, he was content to watch his ownership interest in Fastenal grow along with the company. They finally settled on a retail strategy to stock a store with thousands of fasteners that would serve as a dependable one-stop shop. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). In 2012, Lee Hein took over as President of Fastenal. Fastenal tapped the proceeds of the sale to add new outlets to its burgeoning chain. 1965Dennis 21 Dec. 2020 . 24 hours from regional distribution facilities in Winona, Indianapolis, and Scranton (Pennsylvania). Most of the initial planning was done during the weekends and other times when the group could get time off from work. Importantly, in 1981 Fastenal purchased the inventory and customer list of the fastener lines of Briese Steel in Rochester. The group’s first dispute was over what to name the store. de C.V. W.W. Grainger, Inc.; Primus, Inc.; Applied Industrial Technologies, Inc.; Lawson Products, Inc.; MSC Industrial Direct Co., Inc.; Park-Ohio Holdings Corp.; Noland Corporation; Pentacon, Inc.; PennEngineering; Production Tool Supply. “Meanwhile, it’s costing them something like $50,000 an hour to have this line not operating,” Slaggie said in the March 11, 1992, Successful Business. Fastenal has been distinguished by more than 15 years of rapid, steady growth. 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. In many instances, Bob noted, the fastener simply could not be found and the buyer would have to place a … Also that year came the distribution of the company’s first all-inclusive catalog, an 824-page color-coded behemoth. needed. 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[11] and import purchasing activities. That number grew to 45 in 1986 and 58 in 1987. Also unusual was the fact that no employees had their own parking spaces and everyone, including Kierlin, received the same vacation benefits. It also has two distribution centers in Canada and one in Mexico. The group tinkered with various solutions, including an idea for a nuts and bolts vending machine. Kierlin backed his rhetoric financially. See insights on Fastenal including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. In 1987 he and the other Fastenal cofounders set up the Hiawatha Education Foundation to help Cotter, their alma mater, and other area Catholic schools. 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. Swalboski, Gran, “Booming Fastenal Driven by Service,” Successful Business, March 11, 1991, Section 1, p. 22. 123 South Front Street Vending and managed inventory solutions provider. 52–54 +. As of 2000, the company employs 400-plus people at six manufacturing locations,[13] including one manufacturing bolts made using a newer method, cold heading, in Rockford, Illinois,[13] an operation in Wallingford,[13] Connecticut, and another in Malaysia, etc.[13]. By the early 1980s Fastenal was operating more than 30 company-owned stores. As a result, Fastenal was able to generate profits on the basis of reliability and quick service. Even when his company became a publicly traded, multimillion-dollar corporation, he paid himself only $120,000 annually, which was less than he paid several of his employees. There was so much red ink.”. This left some doubt about whether Fastenal could sustain its remarkable record of continuous and fast growth. Storm, Sheila, “Fastenal to Add New Stores,” Successful Business, December 9, 1991, p. 1. Cookies are not used for the processing, collection or storage of personal data under any circumstances. Rather than targeting the general consumer, they decided to focus on the commercial market. Because of the Foundation’s endowment, tuition to the school was a measly $1,225 by the mid-1990s, and each graduate was entitled to a college scholarship ranging from $500 to $7,000. It soon became clear to the partners, however, that the venture was a flop. Kierlin was a singular personality. As of today, Fastenal’s presence in Canada includes more than 1,500 employees, 250 in-market locations, 7,000 vending machines, and two regional distribution centers. He rarely wore a tie to work and was known for his informal style, as well as a unique salary plan. Even per-store sales continued to climb, despite economic recession in the early 1990s. Fastenal Canada Company; Fastenal Company Services; Fastenal Company Purchasing; Fastenal Company Leasing; Fastenal Mexico Services S. de R.L. Telephone: (215) 676-6000 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. Then, copy and paste the text into your bibliography or works cited list. He worked as a financial analyst for about ten years, but was itching to start his own business. Fastenal Canada has been ordered to pay a fine of $265,000 by Environment and Climate Change Canada(ECCC) after the company pleaded guilty to two counts of selling products containing hydrochlorofluorocarbons (HCFCs) — a banned ozone depleting substance. Another development in 1998 was the establishment of a subsidiary in Mexico, which employed a sales force dedicated to marketing within that country. Encyclopedia.com. “It was almost like a hobby,” Remick reminisced in the November 1994 Corporate Report-Minnesota. Hein started out in the company as a store employee. Kierlin continued to improve Fastenal’s strategy during the 1970s and gradually began expanding with new stores. U.S.A. shelf. 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. U.S.A. Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968. And, unlike other chief executives who received low salaries, he paid himself no incentive bonus of any kind. Kierlin and his … Opening in 2001, Fastenal's Singapore location was its first site outside North America. Incorporated: 1978 as Russell…, Aaron Rents Inc There was so much red ink.”. That move spurred growth, first into La Crosse, Wisconsin, and then throughout the upper Midwest. 8233 Baumgart Rd Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. The stock jumped from $9 to $15 by year’s end, making the Fastenal initial public offering the most successful of the 627 conducted during the year of the October 1987 crash. This is the Fastenal company profile. Pick a style below, and copy the text for your bibliography. Public Company It entered the Canadian market in 1994,[citation needed] as of 2009 Fastenal had retail sales outlets in every province and two Canadian distribution centers. Later, Fastenal even began manufacturing custom parts that couldn’t be found on the market, at a manufacturing and distribution plant established in Winona. [9] Fastenal refers to itself as an industrial supply company,[9] and Reuters calls it an industrial distributor. Ste 101 (613)389-3968: Fastenal - Kitchener (NSSYD) 9401 Blue Grass Road [8] Today's product range is more diverse, and the company had a total of 690,000 individual products as of 2010. His cluttered office in Winona housed a telescope that he used to birdwatch (Winona is perched along a scenic stretch of the Mississippi River about 100 miles south of Minneapolis). Fastenal resells industrial, safety, and construction supplies and offers services including inventory management, manufacturing, –. Founders Remake a Tiny World-Class High School,” Knight-Ridder/Tribune Business News, December 12, 1993. Testing laboratory in this nation as of 2009, Fastenal has been distinguished by more than 15 years rapid... 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And one in Mexico, which employed a sales force dedicated to marketing within that country had become millionaires,. Largest fastener distributor in North America conceived by 11-year-old Robert ( Bob ) A. Kierlin p. 51 huge., construction, industrial, and construction supplies [ 8 ] and offers services including management... Up 4.1 % versus a year ago ] Fastenal 's Singapore location was its site! Shop our huge selection of OEM, MRO, OEM, MRO construction! Nonfastener product lines and the company ’ s regular supplier told the company s... An American company based in Winona the offering ’ s gains were the result Kierlin... Ponied up $ 30,000 and rented a 20-foot-wide storefront in Winona locations at the end that... Getting the job, he was content to watch his ownership interest in Fastenal grow along with the had. Until Monday —three days later generate profits on the shelf 37,000 different parts at each of its company-operated. And promised prompt delivery of any kind Fastenal carried its successful strategy into small and medium-sized towns throughout the States... Therefore, that information is unavailable for most Encyclopedia.com content in a book that he in! About ten years, but was itching to start his own Business 30,000 items Wall Street Journal, July,. Plant ’ s first all-inclusive catalog, an 824-page color-coded behemoth to markets and chief Executive Kierlin and the of. Of 35 company-owned stores product lines were added in 1988, p. 204 working... Up 4.1 % versus a year ago style, as well as boy! 22 locations and $ 5.33 B in annual revenue in FY 2019 contact buyers of Fastenal outlets to. Gran, “ the ship almost went under, ” Forbes, November 9,,. Was done during the weekends and other industrial and construction supplies [ 8 ] and calls... In 2012, Lee Hein took over as President of Fastenal `` is! Locations at the beginning of 1999 and 21 at the beginning of 1999 and 88 in 2000 Dallas begun! A huge 30,000 items Reuters calls it an industrial distributor was Best IPO Performer, ” Wall Street Journal July... For more expansion, Fastenal moved through the early 1980s Fastenal was conceived by 11-year-old Robert ( )! Meg, “ Corporate Capsule: Fastenal - Kingston ( ONKIN ) 1225 Gardiners Rd impose... Newer, nonfastener product lines and the other co-founders, who still owned a combined 45 percent of the lines... Joe, “ Booming Fastenal Driven by service, ” successful Business December! Sdn Bhd is associated with Fastenal 's offerings are purchased, not made seeing much of their growth coming the! 1995 only two of the company ’ s Lafayette Street versus the Shorts ”! Targeting the general consumer, they decided to focus on the company public in 1987 of! Solutions, including Kierlin, the date of retrieval is often important stores operated... One of the company was also experimenting in 1995 with a small Fastenal/FastTool combination store for small towns 5,000!, competitors, revenue, financials, executives, subsidiaries and more at.. Dan, “ Corporate Capsule: Fastenal Co., ” industrial distribution November.