Fastenal Co., Winona, Minn., has sold certain assets and liabilities of its retail fastener and related hardware business currently marketed under the name or brands of FAS-N-IT and Anchor Wire to The Hillman Group Inc. of Cincinnati.
Fastenal is a hybrid distributor that sells fasteners, safety supplies and electrical equipment. The Hillman Group is a large supplier of fasteners to the hardware and home improvement industry.
The DIY business, which has locations in Rockford, Ill., and Nashville, Tenn., has sales of approximately $2 million per month. Fastenal acquired this business on Aug. 31, 2001, and anticipates a modest gain from the sale.
The Illinois operation, which sells prepackaged products such as bolts, screws, washers, hex nuts and concrete anchors, has operated under the brand FAS-N-IT.
The Tennessee operation, which sells products such as wire, hooks, brads and nails, has operated under the brand Anchor Wire.
Fastenal had sales of approximately $818 million in 2001 — about $8 million came from the DIY business, which Fastenal had owned for the last four months of the year.