WINONA, Minn., Oct. 1, 2014 (GLOBE NEWSWIRE) -- Fastenal Company (Nasdaq:FAST) announced today that it has acquired certain assets of Av-Tech Industries, a wholesale distributor of aerospace fasteners, electronic components, and miscellaneous aircraft parts.
"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 will be a great asset in that mission and a great fit for the Fastenal team, sharing the same core values, commitment to quality, and culture of customer service."
"I am extremely excited about Av-Tech Industries and our employees moving forward with Fastenal," added Allen Avery, President of Av-Tech Industries. "This union will help us grow and better serve our customers, while maintaining the excellent quality and service our customers expect."
Av-Tech Industries was founded in 1987 in Arlington, TX. Specializing in the sourcing, distribution and fulfillment of off-the-shelf and hard to find products, the company services a wide range of 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. These certifications and accreditations have helped to establish Av-Tech Industries as a quality supplier of military, commercial, and aerospace hardware, electronic components, and miscellaneous aircraft parts.
Fastenal sells different types of industrial and construction supplies in the following product categories: threaded fasteners and miscellaneous supplies; tools; metal cutting tool blades and abrasives; fluid transfer components and accessories for hydraulic and pneumatic power; material handling; storage and packaging products; janitorial, chemical and paint products; electrical supplies; welding supplies; safety supplies; metals, alloys and materials; and office supplies.
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 United States - Minnesota, Indiana, Ohio, Pennsylvania, Texas, Georgia, Washington, California, Utah, North Carolina and Kansas, and three outside the United States - Ontario, Canada; Alberta, Canada; and Nuevo Leon, Mexico.
This press release contains statements regarding Fastenal's expectations about opportunities for growth in the aerospace market that are not historical in nature and are intended to be, and are hereby identified as, a 'forward looking statements' as defined by the Private Securities Litigation Reform Act of 1995. Factors that could cause our actual results to differ from those discussed in the forward-looking statements include, but are not limited to, economic downturns, weakness in the aerospace industry, and changes in customer needs. A discussion of other risks and uncertainties is included in Fastenal's filings with the SEC, including our most recent annual and quarterly reports.
Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.
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CONTACT: Ellen Trester Financial Reporting & Regulatory Compliance Manager 507.313.7282