Fastenal Capital Spending Down

Jason Sandefur

Fastenal Co. will spend $38 million on capital expenditures in 2003, an 11% reduction from last year, according to information filed with the Securities and Exchange Commission. In its annual report, the distributor giant projected spending $7 million on manufacturing, warehouse and packaging equipment and facilities; another $7 million on shelving and other supplies for customer service improvements; $6 million for data-processing equipment; $10 million for store buildings; and $8 million for vehicles.
The customer service project involves broader inventory and displaying customer product for self-service. Fastenal plans to convert 80 stores per month to the new layout and will open all new stores � between 165 and 185 in 2003 � in the updated format. Winona, MN-based Fastenal operates 1,169 stores. Web: fastenal.com �2003 FastenerNews.com