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It turned out that price was much less of a factor than timeliness for that market segment, because contractors and companies often lost money searching or waiting for a particular part. And, unlike other chief executives who received low salaries, he paid himself no incentive bonus of any kind. Instead of getting the job, he ended up starting the company he had envisioned as a boy. Within six years the foundation had contributed $25 million. 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. Cookies are not used for the processing, collection or storage of personal data under any circumstances. [8] Today's product range is more diverse, and the company had a total of 690,000 individual products as of 2010. needed. Costs were kept low by locating shops in low-rent districts and minimizing other overhead. “They called us and the part is an oddball, something we don’t have in stock. Older Fastenal stores were seeing much of their growth coming from the sale of products outside (507) 454-5374Fax: (507) 454-6542, Public CompanyIncorporated: 1968Employees: 1,600Sales: $162 millionStock Exchanges: NASDAQSICs: 5072 Hardware. 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. The stores are stocked via 11 distribution centers. [13] Locally incorporated Fastenal Malaysia Sdn Bhd is associated with Fastenal's Malaysian activities. Quality products and quality service—that’s what Fastenal Company is all about! 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 Another method that Fastenal employed to make up for the revenues that would have accrued from the previous faster pace of store openings was to place increased emphasis on sales of the newer product lines. Kierlin focused aggressively on customer service and used his financial background to keep tight control on the company’s finances. Toward the end of the year, the slowdown of the U.S. economy began affecting Fastenal’s sales, a trend that continued into 2001. Local source for millions of MRO, OEM, and Safety items. Fastenal shall have exclusive ownership rights of present and future existing rights in the information provided, without compensation to the person sending the information. (The original business plan was to dispense nuts and bolts via custom vending machines, but the technology proved impracticable at … It also has two distribution centers in Canada and one in Mexico. ‘Experts’ impose their beliefs on what schools should teach and how the schools should teach them. 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. By the early 1990s each Fastenal store was offering a huge 30,000 items. “The ship almost went under,” Slaggie recalled. Then, copy and paste the text into your bibliography or works cited list. Kierlin and the other cofounders, who still owned a combined 45 percent of the company, had become millionaires. If you would like to prevent this website from using cookies, adjust the cookie settings in your browser. The company was also experimenting in 1995 with a small Fastenal/FastTool combination store for small towns with 5,000 to 8,000 residents. As of 2020, Fastenal is one of the leading brands in the lifestyle and retail sector. That number grew to 45 in 1986 and 58 in 1987. 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. Fastenal Company is an American company based in Winona, Minnesota. The Cotter campus was moved to the closed College of St. Teresa, where ceilings were lowered to house computer networking infrastructure. The five partners ponied up $30,000 and rented a 20-foot-wide storefront in Winona. https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company-0, "Fastenal Company Founded in 1967 by Bob Kierlin, it was incorporated December 24, 1968. OfficeMax, Inc. McLeod, Reggie, “Fastenal’s Success Boon to Schools: Winona Firm’s Founders Aid Private Education,” Successful Business, August 29, 1989, p. 30. 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. 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. 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. Positioned next to Fastenal shops, FastTools carried the same concept to the tool market by offering about 3,000 different power and hand tools and safety products. Philadelphia, Pennsylvania 19114 Besides its Fastenal stores, the company has also begun operating FastTool and Fastenal/Fast-Tool outlets, which offer an array of tools and safety supplies. Barrett, William P., “Bob Kierlin Versus the Shorts,” Forbes, November 9, 1992, p. 204. 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. Enroll with a Shipping Forwarder. If you would like to prevent this website from using cookies, adjust the cookie settings in your browser. AutoZone, Inc. Fastenal Co. (Nasdaq: FAST), Winona, Minnesota, reported October sales of $488.2 million, down 0.4% from the same month a year ago. By 1995 only two of the original founders were with the company: President and Chief Executive Kierlin and Treasurer Steve Slaggie. “They called us and the part is an oddball, something we don’t have in stock. The change turned out to be exactly what the stores needed to become profitable, and Kierlin left IBM in 1973 to run Fastenal full time. Fax: (216) 491-4040 [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. By 1985 the chain had grown to a total of 35 company-owned stores. 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]. Fastenal resells industrial, safety, and construction supplies[8] and offers services including inventory management, manufacturing, and tool repair. Internationally, Fastenal has sites in China, Dominican Republic, Hungary, Malaysia, the Netherlands, Germany, Singapore, and the United Kingdom. Swalboski, Gran, “Booming Fastenal Driven by Service,” Successful Business, March 11, 1991, p. 22. In many instances, Bob noted, the fastener simply could not be found and the buyer would have to place a … Teitelbaum, Richard, “Who Is Bob Kierlin—and Why Is He So Successful?,” Fortune, December 8, 1997, pp. "Fastenal Company Ford’s regular supplier told the company it would have to wait until Monday —three days later. Fastenal - Ingersoll (ONING) 180 Whiting Street: 519-425-2658: Fastenal - Kingston (ONKIN) 1225 Gardiners Rd. There was so much red ink.”. That move spurred growth, first into La Crosse, Wisconsin, and then throughout the upper Midwest. Fastenal Uses Cookies to Improve User Experience. 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. These results are derived from various public and private data sources. Fastenal is the 16th largest public company in Minnesota, with revenue of nearly $5 billion and net income of $751.90 million in 2018. 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. Fastenal Company is an American company based in Winona, Minnesota. The founders’ goal with Fastenal was to devise a means of making all kinds of nuts and bolts readily available to the general consumer. To generate cash for more expansion, Fastenal’s founders took the company public in 1987. International Directory of Company Histories. Two more product lines were added the following year: the PowerPhase line of electrical supplies and the FastArc line of welding supplies. “I wondered if you could put together a store with all the parts,” Kierlin recalled in the November 9, 1992 issue of Forbes . The group tinkered with various solutions, including an idea for a nuts and bolts vending machine. de C.V.; Fastenal Mexico S. de R.L. 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. Fastenal tapped the proceeds of the sale to add new outlets to its burgeoning chain. 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. In addition, unlike other chief executives who received low salaries, he paid himself no incentive bonus of any kind. Between 1989 and 1992, sales doubled to $81.3 million as net income climbed to $8,83 million. In one instance, a Ford plant’s assembly line was shut down by a breakdown that required a few dozen special bolts. In addition, a $2 million sports complex was built that incorporated six indoor tennis courts. McLeod, Reggie, “Fastenal’s Success Boon to Schools: Winona Firm’s Founders Aid Private Education,” Successful Business, August 29, 1989, Section 1, p. 30. Costs were kept low by locating shops in low-rent districts and minimizing other overhead. “Increasingly,” he wrote, “ownership of what goes on at the public schools resides not with the parents, nor even with local voters, but rather with state legislatures and state departments of education…. 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. They and the other co-founders, all of whom were board members, were still the principal shareholders of the company, which remained based in Winona. In addition, a $2 million sports complex was built that incorporated six indoor tennis courts. Memphis, Tennessee 38103-3607 According to Kierlin, the opportunity came when he missed an interview for an international position because of a late plane. Fastenal’s gains were the result of Kierlin’s profitable strategy and constant adaptation to markets. Some of the stores were called FastTools. Forster, Julie, “Nuts-and-Bolts Style Suits Fastenal’s Kierlin,” Corporate Report Minnesota, July 1999, p. 22. 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. By 2000, 35.5 percent of overall sales were being generated by the newer, nonfastener product lines. By the early 1980s Fastenal was operating more than 30 company-owned stores. When Kierlin assisted his father at the family’s auto supply shop in Winona, Wisconsin, he noticed that customers typically drove from store to store looking for fasteners that they needed for particular jobs. Fastenal Co. (Nasdaq: FAST), Winona, Minnesota, reported November sales of $441 million, up 6.8% from the same month a year ago. I was able to buy a handful of the bolts I required and the service was great. Doing Well by Sticking to Nuts and Bolts,” Star Tribune, September 27, 1993, Section BUS. 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. He also held a fierce commitment to education. [9], Fastenal has retail stores in every U.S. state,[17] every province of Canada,[10] 14 Mexican states,[10] and Puerto Rico,[17] and Panama. Cite this article Pick a style below, and copy the text for your bibliography. 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. U.S.A. Encyclopedia.com. The stores stocked a large selection and promised prompt delivery of any item that was not on the shelf. Most onesy, twosy bolt customers go to Ace hardware, tractor supply or Lowes around here. Also that year came the distribution of the company’s first all-inclusive catalog, an 824-page color-coded behemoth. In 2000 Fastenal began operating a second manufacturing facility at its Fresno, California, distribution center. 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. Beneath his casual exterior, Kierlin was an aggressive capitalist and ideologue with little patience for the methods of government or organized labor. Instead, he was content to watch his ownership interest in Fastenal grow along with the company. Also unusual was the fact that no employees had their own parking spaces and everyone, including Kierlin, received the same vacation benefits. Florness started with Fastenal in 1996 as the company's chief financial officer. Except for share and per share information, or as otherwise noted below, dollar amounts are stated in millions. Therefore, that information is unavailable for most Encyclopedia.com content. Within the “Cite this article” tool, pick a style to see how all available information looks when formatted according to that style. Remick hand-painted the store sign, which one day would be framed and hung in the company’s headquarters offices. Most of the initial planning was done during the weekends and other times when the group could get time off from work. The company runs an A2LA accredited testing laboratory in this nation as of 2014. [16], Fastenal first sold mostly fasteners such as screws, threaded rods, and nuts, which are used in construction and manufacturing. The PE ratio (or price-to-earnings ratio) is the one of the most popular valuation measures used by stock market investors. That move spurred growth, first into La Crosse, Wisconsin, and then throughout the upper Midwest. He rarely wore a tie to work and was known for his informal style, as well as a unique salary plan. U.S.A. 309 East Paces Ferry Road, N.E. The idea stuck with Kierlin. Kierlin continued to expand Fastenal at a rapid rate. Fastenal branched out during the early 1980s. 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 idea for Fastenal was conceived by 11-year-old Robert (Bob) A. Kierlin. Atlanta, Georgia 30305-2377 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 needed. Even per-store sales continued to climb, despite economic recession in the early 1990s. Kierlin backed his rhetoric financially. Fastenal Company[6] is an American company based in Winona, Minnesota. An investigation by Environment and Climate Change Canada found Fastenal Canada Ltd. imported and sold aerosol products containing hydrochlorofluorocarbons between November 2012 … 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. ." But as of 2009, the company has at least one cold heading manufacturing line. Sales and Marketing. International Directory of Company Histories. Parker, Walter, “Fastenal Corp. ." “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. 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. As of 2009, Fastenal had established retail outlets in 14 of Mexico's states as well as a distribution center. Burcum, Jill P., “Winona’s Fastenal Bolts Past $100-Million Mark,” Corporate Report Minnesota, November 1994, p. 22. Fastenal’s gains were the result of Kierlin’s profitable strategy and constant adaptation to markets. Panjiva helps you find, evaluate and contact buyers of fastenal. Manthey, David J., “Fastenal Accelerates Growth,” Industrial Distribution, November 2000, p. 16. Croghan, Lore, “The Wal-Mart of Nuts and Bolts,” Financial World, July 18, 1995, p. 51. Fax: (203) 741-…, Deb Shops, Inc. 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. After graduating from high school in 1957 he went on to major in mechanical engineering at the University of Minnesota, where he later earned his M.B.A. After college Kierlin accepted a job with IBM in nearby Rochester. With the economy picking up, Fastenal is returning to one of its main growth drivers, opening new stores that sell Fastenal and other products … Fastenal resells industrial, safety, and construction supplies and offers services including inventory management, manufacturing, and tool repair. Youngblood, Dick, “Fastenal Co. “We’d look at the income statement and say, ‘We lost how much money?’ and then order a round of Budweisers. Shaker Heights, OH 44122 Some of the stores were called FastTool, which debuted in 1993. . International Directory of Company Histories. Most of the initial planning was done during the weekends and other times when the group could get time off from work. Swalboski, Gran, “Booming Fastenal Driven by Service,” Successful Business, March 11, 1991, Section 1, p. 22. Fastenal had 250 employees at its initial public offering and allocated 100,000 of the offering’s 1 million shares to its employees. Someone suggested “Lightning Bolts,” but two of the founders were so opposed to the name that they threatened to take their money and leave. Four thousand of those were stocked, while the rest could be delivered within 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. Ballon, Marc, “The Cheapest CEO in America,” Inc., October 1997, pp. For example, when installing a racing harness in a car, you need a specific grade of hardware to install it and nobody else carried them in town. ft. shop in his hometown of Winona, MN. Enfield, Connecticut 06082 Evansville, Indiana 47711 Going into 1995 it offered 37,000 different parts at each of its 330 company-operated stores throughout the United States and Canada. The first Fastenal shop opened its doors in 1967 on Winona’s Lafayette Street. 123 South Front Street [7] In addition to a plethora of SKUs, the company offers a variety of services, including inventory management, small fastener manufacture, vending, and machining. Also joining Kierlin were former high-school buddies Michael Gostomski, Dan McConnon, and Steve Slaggie. The company also targeted towns that had healthy manufacturing and construction industries, seeking to become those customers’ one-stop shop for fasteners and related parts. 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. Someone suggested “Lightning Bolts,” but two of the founders were so opposed to the name that they threatened to take their money and leave. 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. 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. 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. Expansions of the distribution centers in Scranton and Dallas were begun in 1998 and completed in 1999. 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. Fastenal offers same-day service on thousands of construction and industrial supplies. As Fastenal carried its successful strategy into small and medium-sized towns throughout the United States and into Canada, sales and profits surged. His cluttered office in Winona housed a telescope that he used to bird watch (Winona is perched along a scenic stretch of the Mississippi River about 100 miles south of Minneapolis). Buttweiler, Joe, “Fastenal Was Best IPO Performer,” Minneapolis-St. Paul CityBusiness, February 8, 1988, p. 16. ." [17] In 2006, the company had two sourcing offices in Asia, China and Taiwan, both have an accredited testing laboratory,[18] which, as of 2007, was A2LA certified. . Fastenal has been distinguished by more than 15 years of rapid, steady growth. Going into 1995 it offered 37,000 different parts at each of its 330 company-operated stores throughout the United States and Canada. Kierlin continued to improve Fastenal’s strategy during the 1970s and gradually began expanding with new stores. 8233 Baumgart Rd the original fastener line. (December 21, 2020). The opening of new stores was consequently slowed down, with only 43 stores opening in 1999 and 88 in 2000. Fax: (901) 495-8300 Because of the foundation’s endowment, tuition to the school was a relatively low $1,225 by the mid-1990s, and each graduate was entitled to a college scholarship ranging from $500 to $7,000. All content is posted anonymously by employees working at Fastenal. It soon became clear to the partners, however, that the venture was a flop. Top buyers of fastenal from around the world. 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. 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). Kierlin focused aggressively on customer service and used his financial background to keep tight control on the company’s finances. Importantly, in 1981 Fastenal purchased the inventory and customer list of the fastener lines of Bliese Steel in Rochester. Fastenal Canada Company; Fastenal Company Services; Fastenal Company Purchasing; Fastenal Company Leasing; Fastenal Mexico Services S. de R.L. In one instance, a Ford plant’s assembly line was shut down by a breakdown that required a few dozen special bolts. [7] Fastenal is also a big sponsor of NASCAR since 2006. ECCC states that Kitchener, Ontario-based Fastenal Canada imported and sold aerosal products containing HCFCs between … The company reported daily sales of $22.1 million, also up 6.8% versus a year ago. The idea for Fastenal was conceived by 11-year-old Robert (Bob) A. Kierlin. Retrieved December 21, 2020 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/fastenal-company-0. 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. Fastenal Uses Cookies to Improve User Experience. This is the Fastenal company profile. Another development in 1998 was the establishment of a subsidiary in Mexico, which employed a sales force dedicated to marketing within that country. 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. The first Fastenal shop opened its doors in 1967 on Winona’s Lafayette Street. If you would like to prevent this website from using cookies, adjust the cookie settings in your browser. 17 shops were added in 1988, 28 in 1990, and 32 in 1991. In the past, when I've needed specific bolts for specific projects, Fastenal has been there for me. Fastenal branched out during the early 1980s. Ciccantelli, Meg, “Corporate Capsule: Fastenal Co.,” Minneapolis-St. Paul CityBusiness, November 26, 1993, Section 1, p. 21. However, the date of retrieval is often important. By region, U.S. sales grew 3%, Canada/Mexico … Local source for millions of MRO, OEM, and Safety items. By the early 1990s each Fastenal store was offering a huge 30,000 items. Seventeen shops were added in 1988, 28 in 1990, and 32 in 1991. New stores were added from the East Coast to the West Coast, and the company opened up a sixth distribution center. 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. By this time, the company had nine distribution centers; it then opened two more in early 1998, in Winston-Salem, North Carolina, and Kansas City, Missouri. 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. ." Fax: (812) 867-4261 The idea for Fastenal was conceived by 11-year-old Robert (Bob) A. Kierlin. [17], Machining may be a better term for what Fastenal calls its "manufacturing" operations. With some effort, he was able to persuade an IBM coworker, Jack Remick, to help him pursue his goal of selling nuts and bolts. Another 122 stores were opened in 1998, a year in which net sales reached $503.1 million, a 26.4 percent increase over the preceding year. Step #1. Kierlin continued to improve Fastenal’s strategy during the 1970s and gradually began expanding with new stores. With solid gains in existing store sales, company revenues increased to $110 million in 1993 and $161 million in 1994. The group tinkered with various solutions, including an idea for a nuts and bolts vending machine. Four thousand of those were stocked, while the rest could be delivered within 24 hours from regional distribution facilities in Winona, Indianapolis, and Scranton (Pennsylvania). (812) 867-6471 Web site: http:…, Shoe Carnival Inc. © 2019 Encyclopedia.com | All rights reserved. The Cotter campus was moved to the closed College of St. Teresa, where ceilings were lowered to house computer networking infrastructure. 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. 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. Another cause for optimism was the continued leadership of the thrifty Kierlin, who remained firmly in charge as chairman, president, and CEO, and who continued to hold a 10.6 percent stake in the firm he cofounded, a stake worth more than $250 million as of mid-2001. 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. Also unusual was the fact that no employees had their own parking spaces and everyone, including Kierlin, received the same vacation benefits. U.S.A. 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. Vending and managed inventory solutions provider. 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 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.. We…, Dairy Mart Convenience Stores Inc Fastenal has about 15 distribution centers, roughly a dozen of which are in the US. He worked as a financial analyst for about ten years, but was itching to start his own business. They finally settled on a retail strategy to stock a store with thousands of fasteners that would serve as a dependable one-stop shop.

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