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Fastenal Surpasses $1 Billion in Sales Outside the United States
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
In September 1994, Fastenal opened its first international branch in Stoney Creek, Ontario, Canada, with two employees and $1,800 in sales. Fastenal's international sales have since grown significantly, achieving over $1 billion in annual sales in 2022 across 25 countries. This growth occurred alongside a tripling of international revenues from 2012 to 2022 and an increase in international employees from 1,800 to 4,500. The company emphasizes continued investment in local resources to better serve global clients, with a focus on tailored solutions and innovative strategies to enhance customer relationships.
Positive
International sales surpassed $1 billion in 2022.
International revenues tripled from 2012 to 2022.
Number of international employees increased from 1,800 to 4,500 over the last decade.
Negative
None.
WINONA, Minn.--(BUSINESS WIRE)--
In late September 1994, Fastenal opened a sales branch in Stoney Creek, Ontario, Canada. It had just two employees and around $1,800 in first-month sales, but it was exceptional in one important regard: It was the company’s first branch outside the United States. From this humble beginning, Fastenal’s international (non-United States) business has grown to include sales, service, and support teams in 25 countries spanning the Americas, Europe, and Asia. In 2022, these teams achieved an impressive milestone (one that would have been difficult to imagine back in 1994): $1 billion in annual sales.
“This was not a small accomplishment, and it took hard work and commitment from everyone involved to reach 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 accomplished when we work together as One Team with a common goal, and it’s humbling to be a part of.”
Fastenal’s early waves of international expansion mirrored the globalization of its United States customer base. As multinational customers opened facilities around the world, they asked Fastenal to invest in local resources to support them in those markets. But it wasn’t just a matter of ‘exporting’ its U.S. customer base and business model. Fastenal’s international teams learned, evolved, and grew. They solidified customer relationships, earned new opportunities, and innovated new ways of doing business that made sense for their local markets.
The $1 billion international sales milestone caps a decade of consistently strong growth. From 2012 to 2022, Fastenal’s international revenues more than tripled. During this same time period, the number of international employees grew from approximately 1,800 to approximately 4,500, creating opportunities for new team members and emerging leaders around the world.
“As we continue to invest in international teams and structures, we're expanding our ability to support local, regional, and global organizations with in-market resources and proven value-creation programs," said Dan Florness, President and CEO of Fastenal. "Congratulations to our international teams for achieving the $1 billion revenue milestone, and thank you for helping to make Fastenal a world-class supply chain partner.”
About Fastenal
Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through approximately 3,300 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI® (Fastenal Managed Inventory) and digital solutions, we help our business partners achieve product and process savings across the supply chain – a “high-touch, high-tech” approach encapsulated by our tagline, Where Industry Meets Innovation™. Our local service teams are supported by 16 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling us to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges.
Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.
