Fastenal Co is an American company that sells industrial and construction supplies in a wide range of categories, including fasteners, tools, welding supplies, electrical supplies, and safety supplies. The company was founded in 1967 by Bob Kierlin and four others in Winona, Minnesota. Initially, the company sold nuts and bolts through a series of vending machines, but it has since expanded into a major supplier of industrial and construction products.
Fastenal Co went public in 1987 and is listed on the NASDAQ stock exchange. As of 2021, the company has more than 3,500 stores across the United States, Canada, Mexico, Puerto Rico, and Europe, as well as a substantial online presence. Fastenal serves a variety of industries, including manufacturing, construction, and government, and prides itself on its ability to provide same-day service to its customers.
The company's strategy revolves around its strong focus on inventory management, which allows it to quickly provide the products its customers need. Fastenal has developed a proprietary information system that helps it track inventory levels, analyze usage patterns, and identify the products that are most in demand. This system allows the company to keep a large inventory of products on hand, and to quickly replenish its stock as needed.
In addition to its core product offerings, Fastenal also offers a number of value-added services to its customers. These services include on-site inventory management, custom manufacturing, and vending machine programs that allow customers to access products 24/7. The company has also invested heavily in its e-commerce capabilities in recent years, making it easier for customers to order products online and track their orders in real-time.
Fastenal has a strong reputation in the industry for its commitment to customer service and high-quality products. The company has received numerous awards and accolades over the years, including recognition as one of Fortune magazine's "Most Admired Companies" and as one of Forbes magazine's "100 Best Companies to Work For." Fastenal is also known for its strong corporate culture, which emphasizes teamwork, innovation, and continuous improvement.