A Minnesota company has revealed more plans about an expansion at its Indianapolis distribution center. Fastenal Co. (Nasdaq: FAST) says it will invest $13 million in the project and add 60 jobs, while retaining around 200. May 20, 2014
INDIANAPOLIS, Ind. – Fastenal Company (NASDAQ: FAST), a distributor of industrial and construction equipment, announced plans today to expand its operations here, creating up to 60 new jobs by 2016.
The Winona, Minnesota-based company will invest $13 million to construct and equip a 167,000 square-foot addition to its current 900,000 square-foot regional distribution facility at 6003 Guion Rd. in Indianapolis. The facility, which will be fully operational by end of year, will allow the company to expand its national corporate distribution.
“With 80 percent of the U.S. population just a day's drive away, it is clear why logistics operations make Indiana their home,” said Governor Mike Pence. “Our convenient location here at the Crossroads of America makes the Hoosier State the ideal site for companies large and small, from far and wide. As a leader on water, land and rail, Indiana is a state that works when it comes to helping businesses get their products where they need to go.”
Fastenal, which currently employs approximately 18,000 employees worldwide, including more than 950 in Indiana, plans to begin hiring for additional full-time positions this summer. Interested applicants may apply online at www.fastenal.com.
“Indianapolis's geographically central location enhances our ability to service our customers in a timely manner,” said Terry M. Hanley, regional operations manager of Fastenal. “Indiana's business friendly environment, led by Governor Pence, and Indianapolis’ commitment to business, led by Mayor Ballard, has allowed us to grow our business here. Fastenal’s goals are centered on 'growth through customer service.’ We are excited about our continued expansion in the city and state.”
Founded in 1967 as a regional supplier of construction supplies, today Fastenal is a one-stop source for fasteners, tools, construction materials, parts and equipment. With sales, service, manufacturing and distribution operations, Fastenal operates more than 2,600 stores, serving every U.S. state, Canada and Mexico, along with markets in Central America, South America, Europe and Asia. The company serves original equipment manufacturers, construction companies and maintenance and repair operations, focusing on a decentralized environment that allows each store to specialize in the equipment its customers need.
The Indiana Economic Development Corporation offered Fastenal Company up to $285,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis approved additional incentives at the request of Develop Indy, a business unit of the Indy Chamber.
“From hiring veterans to investing in high school career programs, Fastenal is a true community partner and we welcome their expansion in Indianapolis,” said Indianapolis Mayor Greg Ballard. “Driven by the global economy, this distribution center will leverage Indy’s central location and ready workforce to continue to supply the world’s OEM, MRO and construction markets. Growing its distribution network here sends a message that Indianapolis is much more than a national logistics hub, but that we can also compete on a global scale.”
As the Crossroads of America, companies from across the United States continue to select Indiana as the home of their distribution operations. Earlier this year, Pence joined Casey’s General Stores, a Midwestern convenience store chain, to announce the company’s plans to invest $30 million to construct and equip a 250,000 square-foot distribution and logistics facility center in Terre Haute, creating 185 new jobs over the next few years.
Fastenal [Nasdaq: FAST] is North America’s largest fastener distributor and a full-spectrum source for OEM, MRO and Construction products. With nearly 2,700 stores worldwide, the company supports its customers with tailored local inventory and dedicated personnel who visit regularly, quickly respond to emergency needs, and provide efficient inventory management solutions. Fastenal’s service-oriented business network includes the world’s largest industrial vending program, 14 regional distribution centers, 10 custom manufacturing facilities, thousands of delivery vehicles, and robust sourcing, quality and engineering resources.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: The Indiana Economic Development Corp.