Fastenal to ring Monday’s Nasdaq opening bell
About 65 Fastenal employees will be in New York on Monday to the ring the Nasdaq opening bell.
The ceremony includes Fastenal’s celebration of two milestones: It’s been 50 years since the fastener distributor opened for business and 30 years since it hit the Nasdaq stock exchange.
Given the company’s rise from a small fastener shop in Winona, Minn., to a multibillion-dollar company, Fastenal invited every employee with at least 10 years of tenure to enter a drawing to win a trip to New York for the opening bell celebration; that includes a pool of nearly 2,700 employees. The winners of that drawing will be on stage with Dan Florness, Fastenal president and CEO, and Michael Gostomski, one of the company's five co-founders.
"Fastenal has been built by thousands of great people working in every area of our organization," Florness said. "We wanted to shine the spotlight on as many of these leaders as the stage could possibly hold."
Fastenal has been publicly traded on the Nasdaq stock market since its initial public offering in 1987 when 1,000 shares of company stock sold for $9,000. The shares have split seven times since and this past September totaled 96,000 shares worth approximately $4.4 million, generating more than $876,000 in cumulative dividends, the company said.
This will mark the fourth time Fastenal has rung the Nasdaq opening bell. The company previously opened the market in 2007, 2011 and 2014. The company operates more than 2,900 locations, including more than 2,400 branches and approximately 560 onsite-style locations, located primarily in North America, with additional locations in Asia, Europe, Central and South America, and Africa.
Engine production to move from Japan to U.S.
Briggs & Stratton Corp. says it will move production of its V-Twin Vanguard engines from a joint venture partnership in Japan to its existing manufacturing facilities in Statesboro, Georgia and Auburn, Alabama.
“Moving production of the Vanguard Small and Big Block V-Twin engines to the U.S. is another step in the execution of our commercial growth strategy,” states David J. Rodgers, senior vice president and president – Global Engines & Power. “We see this as a strategic competitive advantage because we can manufacture closer to our customers in the U.S., resulting in faster production times and faster shipping. I’d like to thank Daihatsu Motor Company for being a great partner for the past 30 years and for their continued commitment to assisting with a smooth transition.”
The increased production in North America will create approximately 50 new jobs at each of the facilities.
Production of V-Twin Vanguard engines in the Company’s U.S. plants is expected to be phased in beginning in the middle of 2018 through the middle of 2019.
Leadership promotions at Boise Cascade
Boise Cascade Company reported that Mike Brown and Nate Jorgensen have been promoted to SVPs in the company’s wood products division.
Brown has worked at Boise Cascade for 18 years, starting his career in timberland resources before moving into various operational management positions within wood products, the company said. He currently leads manufacturing operations for the wood products division, which includes 22 mills across the United States and Canada. Brown earned a bachelor`s degree in forestry from Australian National University and an MBA at Cranfield University in the United Kingdom.
Jorgensen has more than 26 years of experience in the industry, with past positions in engineering, product development, sales, and operations. He joined Boise Cascade in 2015 as a marketing manager, and currently leads the engineered wood products sales and marketing organization. Jorgensen received a bachelor`s degree in civil and environmental engineering from the University of Wisconsin and an executive education through Tuck School of Business at Dartmouth University.
"I`m really pleased to announce these promotions," Dan Hutchinson, executive vice president, Boise Cascade Wood Products. "Mike and Nate have earned this opportunity by driving important changes in the Division, as well as showing strong commitment to our values, including leadership in significantly improving our safety performance."
Based in Boise, Idaho, Boise Cascade one of the largest producers of engineered wood products and plywood in North America and a major U.S. wholesale distributor of building products.