Company Snapshot: Fastenal Company

Address:
2001 Theurer Blvd
Winona, Minnesota 55987

Telephone:
507 454-5374

Internet Homepage:
http://www.fastenal.com

Year Founded:
1967

Total Stores:
2,687

Total Annual Sales:
$3,326,106,000

Senior Executives:
Willard D. Oberton- Chief Executive Officer
Leland J. Hein – President
Daniel L. Florness- Executive Vice-President and CFO

Fastenal began life with the intent of being a supplier of fasteners (nuts and bolts in company jargon) to builders, with an emphasis on excellent and efficient customer service.  Initially the company had devised a forward looking system of distribution by employing a system of vending machines.  However the late ‘60s were not yet ready for such devices.

The company went on to methodically and aggressively open carefully placed, well manned locations, to increase market share and build a solid roster of clientele.  Fastenal planning emphasized well-staffed locations, as well as, field sales staffs, in order to exceed client expectations of service.  Location openings were carefully planned well in advance as part of the company’s commitment to an expanding service in regions and ultimately across the country.

Ironically, while the early years of the company’s existence proved to be unready for the enterprising idea of servicing customers through a network of vending machines, the company went back to the drawing board and began to install vending machines in recent years, both at its locations and client sites.  Currently Fastenal employs a rapidly growing network of over 40,000 vending machines.