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In The News:

2014 Top 40 Industrial Distributors

08. The Fastenal Company – Top Industrial Distributors

Company Profile

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Contact Information

About

Headquarters: Winona, MN
2013 Revenues: $3.3 billion
Change in Sales from 2012: 7.3%
Employees: 17,277
Locations: 2,647 (North America); 2,687 (total). 
New Locations: 27 net new stores in North America
Key Executives: Willard Oberton, CEO; Leland Hein, president; Daniel Florness, CFO; Steven Rucinski, EVP-sales, Gary Polipnik, EVP-sales; Kenneth Nance, EVP-sales; Reyne Wisecup, EVP-human resources; Nicholas Lundquist, EVP-operations; James Jansen, EVP-operations; Ashok Singh, EVP-information technology

Fastenal has diversified its product and service mix over the years, with just 42 percent of its 2013 sales coming from fasteners, compared with 47 percent in 2011. In recent years, vending is a key growth driver for the distributor. In its latest call on its first quarter 2014 earnings, Fastenal reported about 12 percent of its total business is going through vending machines. Close to 40 percent of Fastenal's current business is with customers who have vending as part of their product offering.

In its 2013 annual SEC filing, the distributor said that the decrease in its fastener sales as a percentage of total sales has been driven by non-fastener product line expansion, started in the 1990s, and the growth of its industrial vending program, FAST Solutions. It credits the latter with “greater resilience to weak industrial production” of its non-fastener business compared with its fastener business.

In the first quarter 2014, Fastenal said it would continue focusing on its vending program, but that total vending signings were down.

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