WINONA, Minn.--(BUSINESS WIRE)--Mar. 5, 2024--
Fastenal Company (Nasdaq: FAST), a leader in the wholesale distribution of industrial and construction supplies, is proud to announce it has been awarded a silver medal from EcoVadis. The award, which is based on an assessment completed by EcoVadis in late 2023, signifies that the quality of Fastenal's sustainability management system ranks in the top 25% of all companies in all industries rated by EcoVadis.
EcoVadis uses a broad range of criteria to score companies' sustainability programs in four main areas: environment, ethics, labor and human rights, and sustainable procurement. In addition to helping Fastenal identify opportunities to reduce risk and improve its sustainability performance, the assessment helps current and potential customers identify Fastenal as a responsible business partner.
"Today, many of our customers are looking at EcoVadis scores to evaluate our sustainability credentials and to help them make purchasing decisions," said Dan Florness, Fastenal's president and CEO. "So, receiving a silver medal not only validates the positive steps being taken by our team, it also creates business opportunities."
Fastenal earned its first EcoVadis medal, a bronze, in December 2022. Prior to that, the company's sustainability programs and reporting did not merit a medal designation. This rapid improvement from receiving no medal recognition to earning a silver medal reflects a heightened and long-term commitment by Fastenal to invest in and continuously improve its processes, systems, and reporting around sustainability.
Since mid-2022, Fastenal has achieved third-party certification to the ISO 45001 occupational health and safety management standard, the ISO/IEC 27001 information security management standard, and the ISO 14001 environmental management standard. The company also completed an ESG materiality assessment, formally defined and began road-mapping its ESG strategy, created a cross-departmental ESG community of practice (to lead the execution of the roadmap), and, most recently, completed a scope 3 materiality assessment to gain a more complete understanding of its carbon inventory.
About Fastenal
Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through more than 3,400 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI® (Fastenal Managed Inventory) and digital solutions, we help our business partners achieve product and process savings across the supply chain – a "high-touch, high-tech" approach encapsulated by our tagline, Where Industry Meets Innovation™. Our local service teams are supported by 17 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling us to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges.
Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements, which are subject to risks and uncertainties. Fastenal's sustainability goals, targets, and expectations are long-term and inspirational and by their nature, include forward-looking statements. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those described in Fastenal's annual ESG Reports and filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Fastenal undertakes no obligation to update or revise any forward-looking statements.
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Taylor Ranta Oborski
Financial Reporting & Regulatory Compliance Manager
507.313.7959
Source: Fastenal Company
