WINONA, Minn., January 18, 2023–(BUSINESS WIRE)– In late September 1994, Fastenal opened a sales office in Stoney Creek, Ontario, Canada. It had only two employees and about $1,800 in sales in its first month, but it was unique in one important way: It was the company’s first branch outside of the United States. From these humble beginnings, Fastenal’s global (non-US) business has grown to include sales, service, and support teams in 25 countries in the Americas, Europe, and Asia. In 2022, these groups achieved a milestone (which would have been hard to imagine in 1994): $1 billion in annual sales.
“This was no small feat, and it took effort and commitment from everyone involved to achieve it,” said Jeff Watts, Fastenal’s EVP of international sales (and one of the company’s first employees in Canada). “It shows what can be done when we work together One team with one goal, and I am humbled to be a part of it. “
Fastenal’s early global expansion reflects the internationalization of its United States customers. After international customers opened locations around the world, they asked Fastenal to use foreign capital to support them in these markets. But it wasn’t just a matter of ‘exporting’ his US customers but also a business model. Fastenal’s international teams have learned, evolved, and grown. They strengthened customer relationships, found new opportunities, and developed new ways of doing business that made sense in their markets.
Global sales of $1 billion continue a decade of strong consistent growth. From 2012 to 2022, global Fastenal revenue will triple. At the same time, the number of foreign workers grew from 1,800 to about 4,500, creating opportunities for new members and emerging leaders from around the world.
“As we continue to invest in global groups and organizations, we are expanding our ability to support local, regional, and global organizations with products in the marketplace and programs that ensure they create value,” said Dan Florness, President. and CEO of Fastenal. “We are extremely grateful to our global teams for securing $1 billion in funding, and thank you for helping to make Fastenal a leading global partner.”
Fastenal offers a wide range of industrial offerings, including fasteners, safety, and metal cutting products, manufacturing, construction, and government and government customers through approximately 3,300 market locations (branches and Onsite locations) covering 25 countries. By continuously investing in local partnerships , dedicated local experts, and a flexible FMI® (Fastenal Managed Inventory) and digital solutions, we help our business partners to achieve sales and inventory management for all products – a “high quality, high quality” approach combined with our tagline, Where Industry Meets Innovation™. Our local teams are supported by 16 regional distribution centers, a captive army, several teams of industry experts and supporters, as well as access to strong, quality, and innovative products, which allow us to grow by approaching customers and providing smart and transparent solutions. ways to solve customer problems.
More information about Fastenal is available on the Fastenal Company website at www.fastenal.com.
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Taylor Ranta Oborski
Financial Reporting & Regulatory Compliance Manager