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Fastenal sells DIY business

Nov. 1, 2003
Fastenal Co., Winona, Minn., has sold certain assets and liabilities of its retail fastener and related hardware business currently marketed under the

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.