U.S.A. In January 2016, Daniel L. Florness became the President and CEO of Fastenal. 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]. The table below lists the SWOT (Strengths, Weaknesses, Opportunities, Threats), top Fastenal competitors and includes Fastenal target market, segmentation, positioning & Unique Selling Proposition (USP). This left some doubt about whether Fastenal could sustain its remarkable record of continuous and fast growth. U.S.A. 123 South Front Street With some effort, he was able to persuade an IBM coworker, Jack Remick, to help him pursue his goal of selling nuts and bolts. The concept became relatively simple: the partners would open outlets in small to medium-sized towns like Winona and Rochester, where price competition tended to be lower than in large cities, which had special fasteners and parts more readily available. Within six years the foundation had contributed $25 million. But as of 2009, the company has at least one cold heading manufacturing line. According to Kierlin, the opportunity came when he missed an interview for an international position because of a late plane. Shaker Heights, OH 44122 The final years of the 20th century saw Fastenal expand both its product lines and the number of stores it operated. To generate cash for more expansion, Fastenal’s founders took the company public in 1987. Costs were kept low by locating shops in low-rent districts and minimizing other overhead. 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. [13] Fastenal and was added to the S&P 500 index in late 2008, replacing removed corporations.[14][15]. 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. ." Another development in 1998 was the establishment of a subsidiary in Mexico, which employed a sales force dedicated to marketing within that country. Fastenal had 250 employees at its initial public offering and allocated 100,000 of the offering’s 1 million shares to its employees. Fastenal Uses Cookies to Improve User Experience. ." 17 shops were added in 1988, 28 in 1990, and 32 in 1991. [13] Locally incorporated Fastenal Malaysia Sdn Bhd is associated with Fastenal's Malaysian activities. International Directory of Company Histories. . . I was able to buy a handful of the bolts I required and the service was great. (812) 867-6471 Fastenal here has always sold by the box and has never had an employee that knew very much about hardware. 52–54 +. 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. Fastenal Canada Company; Fastenal Company Services; Fastenal Company Purchasing; Fastenal Company Leasing; Fastenal Mexico Services S. de R.L. [7] Distributing goods used by other businesses, it has over 2,200[1] branches throughout the US, Canada, Mexico, Puerto Rico and Europe along with 13 distribution centers. 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. Fastenal’s gains were the result of Kierlin’s profitable strategy and constant adaptation to markets. “Meanwhile, its costing them something like $50,000 an hour to have this line not operating,” Slaggie said in the March 11, 1992, Successful Business. Even per-store sales continued to climb, despite economic recession in the early 1990s. It soon became clear to the partners, however, that the venture was a flop. de C.V.; Fastenal Mexico S. de R.L. Kierlin focused aggressively on customer service and used his financial background to keep tight control on the company’s finances. Kierlin and his … 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. Public Company By 2004, 50% of product was processed steel. © 2019 Encyclopedia.com | All rights reserved. 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