The company has also been impacted because of the
value of the currency in their Canadian business.
Dan Florness, chief financial officer,
said, “What shines through on our
company level, when you look at it in
USD, it cuts that down by almost
two-thirds because of deflation in the
currency. But the underlying business up
there for us is healthy. You have to keep
in mind when you look at our business
in Canada, it is weighted towards the
eastern part of the country.”
One of the more controversial moves
that Fastenal has made in recent years is
to get into the metalworking business,
which puts the company into competi-
tion with large distributors such as MSC
“People, I think, had too high of an
expectation going in, thinking we are
going to be as big as MSC overnight – and
that doesn’t happen, “ said Will Oberton,
chairman of Fastenal. He said that business
grew more last year than it did in 2013.
“And we’ve grown a very nice size
of business. We are doing well with it.
We think the upside is great. It’s just
hard to grow a business that right now
represents just under 10 percent of our
total revenue. So it’s a meaningful size
business. And it’s hard to grow it more
than 20 plus percent year-over-year with
the business that big. So we are very committed. And we
think we are going to continue to do well in it for a long
Jack Keough is contributing editor of Industrial
Distribution. He can be reached at John.Keough@comcast.net.
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