Fastenal surpasses $1 billion in international sales
Fastenal announced its non-U.S. international teams achieved $1 billion in 2022 sales. The international side of the business has grown to include sales, service, and support teams in 25 countries spanning the Americas, Europe, and Asia.
The milestone comes 29 years after the company 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 U.S.
“This was not a small accomplishment, and it took hard work and commitment from everyone involved to reach it,” said Jeff Watts, Fastenal’s executive vice president 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 U.S. 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. The company says its 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.”
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