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Headquarters: Winona, MN
2014 Revenues: $268.8 million
Change in Sales from 2013: 14.1%
Number of New Locations: 17
2014 Acquisitions: Av-Tech Industries
Key Executives: Leland J. Hein, president & CEO; Daniel L. Florness, EVP & CFO
Known more for its rapid expansion in branch locations, Fastenal began 2014 by closing 20 stores in the first six months of the year. The move wasn't because they weren't performing well, according to the company, but rather because they wanted to "challenge our approach." In the second half of 2014, they continue in this direction, identifying an additional 52 stores for closure.
Another big change for Fastenal: CEO Will Oberton resigned, effective Dec. 31, 2014. Lee Hein, Fastenal's president, took over the post from Oberton.
Fastenal has diversified its product and service mix over the years, with just 40 percent of its 2014 sales coming from fasteners, compared with 47 percent in 2011. In recent years, vending is a key growth driver for the distributor. Close to 40 percent of Fastenal's current business is with customers who have vending as part of their product offering and total sales to vending customers grew about 20 percent in 2014.
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