10/7/2014
HEADLINES
Fastenal Buys Aero Fastener Distributor Av-Tech Ind.
Fastenal Co. acquired certain assets of Av-Tech Industries, a wholesale distributor of aerospace fasteners, electronic components, and miscellaneous aircraft parts. Terms were not disclosed.
“We feel there is a strong opportunity for our company to continue to grow within the aerospace market,” said Fastenal president Lee Hein.
Av-Tech Industries president Allen Avery added: “This union will help us grow and better serve our customers, while maintaining the excellent quality and service our customers expect.”
Founded in Arlington, TX, in 1987, Av-Tech services customers in a variety of industries, including aerospace, aviation, aircraft repair, air conditioning, automotive, window manufacturing, and other commercial concerns. Av-Tech Industries’ quality systems are certified to ISO 9001:2008, AS9120 Rev. A, and Advisory Circular AC 00-56A, and compliant to MIL-I-45208A.
Av-Tech operates a 14,000 sq ft facility at 1180 Corporate Dr. West, Arlington, TX 76006-6804. Tel: 817 640-4031 Web: av-techind.com
Fastenal operates approximately 2,700 stores located primarily in North America with additional locations in Asia, Europe, Central and South America, and Africa. The company operates 14 distribution centers; eleven in the U.S. ( Minnesota, Indiana, Ohio, Pennsylvania, Texas, Georgia, Washington, California, Utah, North Carolina and Kansas) and three facilities in Ontario and Alberta, Canada, and Nuevo Leon, Mexico.
In August Fastenal revenue increased 9.8% to $326.9 million, with daily sales growing 15% to $15.6 million. Sales to manufacturing customers grew 14% during the month, while sales to non-residential construction customers rose 9.4%.
Fasteners represent 41% of overall revenue for the company. During the first half of 2014, Fastenal’s fastener sales grew 7.1% — including a 6.6% rise in June.
FIN subscribers can read a summary of the last six years of Fastenal results in the FIN Stock Review section of GlobalFastenerNews.com.
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