Author - fluentdesigns

in-the-news-with-fastener-news-desk-the-week-of-september-19th,-2022

IN THE NEWS with Fastener News Desk the Week of September 19th, 2022

:

Here’s what’s happening in and around the fastener industry the Week of September 19th, 2022

Watch now: (9:45)


We’re less than 30 days away from the largest B2B expo for fasteners happening in Las Vegas October 17-19th, The International Fastener Expo is Largest B2B expo of Industrial Fasteners and Tooling & Machinery in North America.

Since 1981, the event continues to bring together the manufacturers and master distributors of fasteners and other related products and services with distributors and sales agents in the entire supply and distribution chain.

IFE Exhibitors! With more than 300 companies already registered, space is running out to exhibit at this year’s expo. Don’t miss your opportunity to make an impact at the largest B2B expo for #fasteners! Go to FastenerShows.com to reserve your space today!


In Fastener News…

The Fastener Training Institute (FTI), the leading nonprofit provider of fastener training opportunities appointed Chris McCaffrey, Business Development Manager at Atlanta Rod and Manufacturing, as president of the FTI board. Chris has served on the FTI Board since 2018 as a director and vice president. He has worked in the industry for nearly 20 years and strongly supports fastener industry training.


NFDA

National Fastener Distributors Association

National Fastener Distributors Association and the Young Fastener Professional’s have introduced a Mentorship Program called AIM, which stands for Advance Individuals Through Mentoring. The mentorship program will serve the needs of young fastener professionals by pairing them with willing mentors focused on advancing the mentee’s personal career goals.

Young Fastener Professionals

Young Fastener Professionals


Pac-West Fastener Association

Pac-West Fastener Association

At a recent meeting of the Pac-West Board of Directors. Hans Fuller of Fuller Metric (Surrey, British Columbia) has been elected to serve as president of the Pacific-West Fastener Association.


The Fastener Industry’s Favorite Podcast

 Stay tuned ThreadHeads and Fastenerds Fully Threaded Radio Episode 180 is scheduled to drop today!

Tune in at FullyThreaded.com.


MUTCD R15-1 Railroad Crossing Crossbuck Sign - 48x9 - Made with Reflective Sheeting and Rust-Free Heavy Gauge Durable Aluminum available at STOPSignsAndMore.com

Update on the railway strike. President Joe Biden celebrated Thursday a tentative labor agreement that averted a strike of U.S. freight trains. But the crisis has not yet been averted, warns Nada Sanders, distinguished professor of supply chain management at Northeastern.

Nada Sanders said “I’m not 100% confident by any means,” noting that union members will be voting on the deal next month after a cooling-off period. The agreement, which delivers a 24% pay increase, resulted from 20 hours of negotiations on the eve of a potential strike. Labor Secretary Marty Walsh mediated the talks at his offices in Washington, D.C. Sanders says the impact of a rail strike would be “absolutely catastrophic” for supply chains that have been reeling since the COVID-19 pandemic. Sanders spoke with News@Northeastern University on Friday about the potential ramifications of a rail strike, why labor has leverage over management, and how supply chains are being reinvented in real-time. Read more in our Twitter feed @FastenerNews


In Fastener Event News…

Image

Join the Southwestern Fastener Association for the Southern Fastener Conference and Expo taking place in Durant, OK Sept. 28th-30th. Get more info at https://www.southwesternfastener.org/


Image

It’s time for @PacWestFastener’s annual What’s New? What’s Next? fall dinner program! Happening October 6th 5-8pm. Attendees will hear from Presenters, Jamie Lawrence of AVK, Tim Roberto Jr. of Star Stainless Screw, and Jun Xu of Brighton-Best International will bring us up-to-date with what’s new with stainless steel and carbon fasteners, along with what we can expect from our suppliers in the future and a Vendor Showcase.


Image

REGISTRATION IS ALSO OPEN FOR Fastener Training Institute’s “How Fasteners are Made and What Drives the Cost of a Fastener” CLASS that will take place at the International Fastener Expo. For Registration and more info go to: https://fastenershows.com/fti-class/


IFE Exhibitors It’s Game On: Fastener News Desk’s Best Booth Awards return to the 2022 International Fastener Expo! IFE will be sponsoring the Best Booth Awards (that are pretty dang cool) from Trophy Smack! We’re so excited to be BACK in-person, we plan to immortalize your hard-earned victory with a professional-grade championship belt. This year the overall BEST BOOTH AWARD WINNER will claim the Best Booth Award’s first ever customized Championship Belt. We can’t wait to see your creativity this October in Vegas! Who will claim the title?

Go to https://fastenershows.com to book your space today!

GET REGISTERED USING THE FND Discount Code: FND50


The 2022 International Fastener Expo will FEATURE Keynote Speaker. Dirk Beveridge. Dirk is a visionary entrepreneur and the founder of UnleashWD. Dirk has authored four books including the bestselling INNOVATE! How Successful Distributors Lead Change In Disruptive Times.

IFE Announces First Ever Keynote Speaker

Dirk recently published a NEW Report: The State of Leadership Throughout Distribution. Over 200 executives provided an unprecedented look into how the nature of leadership is changing in distribution. Get details on how to download the new, landmark call-to-action report.

Reimagining Leadership: A Call-to-Action Research Report

You won’t want to miss Dirk Beveridge your IFE 2022 keynote speaker. Register now at FastenerShows.com use the FND discount code: FND50


In Manufacturing News…

📌 Manufacturing Day is less than 3 weeks away! This year the month-long celebration of MFG Day kick-offs on Friday October 7th!

MFG Day is manufacturing’s biggest annual opportunity to inspire the next generation to start careers in modern manufacturing through a series of focused events to promote manufacturing to students, parents, and educators. Plan to open your doors Oct. 7 or throughout the month of October!

Get a helpful resource guide, toolkit, and all you need to get started planning your Manufacturing Day event at MFGDay.com Use #MFGday22 to share your event!


The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our Twitter feed @FastenerNews and on LinkedIn in the Fastener News Group!


Industrial products are comprehensive and purchasing them online can lead to poor customer experiences when utilizing faceted search. The Product Genius’s grid technology allows your clients to search, sort and purchase 100’s of products from a one-page buying experience.

Experience and Demo FAST Fastener buying at 1-800-Fasteners.com

PGT’s services also include, data cleaning and preparation, consulting, and strategizing. Contact ProductGeniusTechnology.com or call 1-800-fasteners to find out how to get started today.


If you would like to share your company’s events, news or sponsor an upcoming episode of IN THE NEWS or would like to add to the Fastener Museum me: lisa@fastenernewsdesk.com.


Thanks for tuning in to this week’s episode of IN THE NEWS with Fastener News Desk.

Until next week, be well, be safe and Keep it Fastenating.


RELATED CONTENT:

IN THE NEWS with Fastener News Desk the Week of September 12th, 2022

IN THE NEWS with Fastener News Desk the Week of September 6th, 2022

Fastener Association, Fastener Event, Fastener Expo, Fastener News, Fastener TV, Featured

Read more...
nickel-alloy-inconel-625-now-qualified-on-all-desktop-metal-3d-printing-systems

Nickel Alloy Inconel 625 Now Qualified on All Desktop Metal 3D Printing Systems

Desktop Metal Closes $65 Million in New Financing Led by Ford, Bringing  Total Investment to Date to $277 Million | Business Wire

Aerospace, energy and other sectors now have an easy way to efficiently produce high-strength, high-temperature parts in volume with IN625 across a portfolio of 3D printing options

BOSTON–(BUSINESS WIRE)– Desktop Metal, Inc. (NYSE: DM), a global leader in additive manufacturing technologies for mass production, today announced that nickel alloy Inconel 625 (IN625) has been qualified on the Shop System, the world’s best-selling metal binder jet system, making the material a qualified material across its entire portfolio.

In all, IN625 is now qualified for:

  • Production System™ models including the P-1 and P-50, metal binder jetting systems built for high-speed, high-volume production featuring proprietary Single Pass Jetting (SPJ) technology. Offers high output and low part costs in a wide range of materials.
  • Shop System, a plug-and-play turnkey binder jet 3D printing system that reduces costs, shortens lead times and increases revenues for machine shops.
  • X-Series models, such as the InnoventX, an entry-level system, and the X25Pro, a mid-sized binder jet system featuring Triple ACT (advanced compaction technology) for low to mid-volume production.
  • Studio System™ 2, a turnkey metal Bound Metal Deposition™ (BMD) platform that offers customers the easiest way to print high-performance metal parts in low volumes for pre-production and end-use applications. A two-step print-and-sinter process.

In all, Desktop Metal systems now offer users 18 qualified materials, including stainless steels, tool steels, nickel alloys, precious metals, copper and more. Another 12 materials are available for printing by R&D professionals or in development for qualification, including aluminum 6061 and titanium alloy Ti-6Al-4V (Ti64).

“Manufacturers looking to produce complex geometries in IN625 now have a one-stop shop for efficient Additive Manufacturing 2.0 production,” said Ric Fulop, Founder and CEO of Desktop Metal. “IN625 is a very difficult material to machine, but our technology truly makes it easy. We are proud of the work our world-leading material and process teams have done ensuring that this popular material can be offered across our portfolio.”

IN625 for High-Strength, High-Performance Flexibility

IN625 is a high-performance nickel alloy known for high levels of strength, temperature resistance, and corrosion resistance — making it a popular material choice for applications in the aerospace, chemical processing, and offshore energy industries.

However, the strength of IN625 is also what makes it a difficult and expensive material to machine into complex shapes. The process typically requires a skilled machinist and special CNC cutting tools, strategies and coolants to shape. It’s not uncommon for cutting tools to be broken or deformed when milling Inconel stock or for the material to deform when the outer layer hardens too quickly in response to machining.

Producing IN625 parts with additive manufacturing is fast, safe and more cost-effective than subtractive machining from stock for this class of material. Users can directly print and sinter final, end-use parts or near-net shape parts that can be precision machined for key surfaces with ease.

To learn more about Desktop Metal materials, or see IN625 material data sheets across our portfolio, visit www.desktopmetal.com/materials.

About Desktop Metal

Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies. For more information, visit www.desktopmetal.com.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to, the risks and uncertainties set forth in Desktop Metal, Inc.’s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Relations:

Sarah Webster

(724) 516-2336

Sarahwebster@desktopmetal.com

Investor Relations:

Jay Gentzkow

(781) 730-2110

jaygentzkow@desktopmetal.com

Source: Desktop Metal, Inc.

Released September 13, 2022


RELATED CONTENT:

Design and Optimization of Additively Manufactured Bolts

Desktop Metal Commences Shipments of Production System P-50 With Inaugural Customer Stanley Black & Decker

3D Printing / Additive Manufacturing, 3DP & Additive MFG, Fastener News

Read more...
nfda-and-yfp-announce-(aim)-mentorship-program

NFDA and YFP Announce (AIM) Mentorship Program

NFDA

National Fastener Distributors Association

For Immediate Release

September 1, 2022

 NFDA/YFP Mentorship Program

AIM Image

AIM will serve the needs of young fastener professionals by pairing them with willing mentors focused on advancing the mentee’s personal career goals. Mentors and mentees will be matched based on professional skills that the mentee wants to acquire and that the mentor has to offer. 

Goals

  • To provide support and education opportunities to young fastener professionals.
  • To provide young fastener professionals with opportunities to enhance their career development and expand their professional networks.
  • To encourage more young fastener professionals to assume leadership roles in the fastener industry.
  • To expose mentors and their organizations to new ideas.
  • To develop a more diverse leadership pool for the fastener industry.

For more information about the mentorship program and to submit an application, visit the YFP page at www.nfda-fastener.org or contact Amy Nijjar at amy@nfda-fastener.org or 503-307-1809.


RELATED CONTENT: 

New Leadership Announcement from Young Fastener Professionals

Nick Ruetz Elected NFDA President for 2022-2023

Reimagining Leadership: A Call-to-Action Research Report

Fastener Association, Fastener News, Mentoring, Workforce / Skills Gap

Read more...
hans-fuller-elected-pac-west-president

Hans Fuller Elected Pac-West President

Pac-West Fastener Association

Pac-West Fastener Association

Hans Fuller

Hans Fuller Fuller Metric

Hans Fuller of Fuller Metric (Surrey, British Columbia) was elected to serve as president of the Pacific-West Fastener Association at a recent meeting of the Pac-West Board of Directors. 

George Martinez of Brighton Best International (Long Beach, California) was elected as the association’s vice president, and Mark Thomas Cordova of Centennial Bolt (Denver, Colorado) was elected as secretary/treasurer. Clay Weaver of Industrial Threaded Products (Rancho Cucamonga, California) stays on the Board as immediate past president.

Joe Cenk of H.W. Eckhardt (Huntington Beach, California), Aaron Jones of Star Stainless Screw (Seattle, WA), Ryan McCaffrey of R&D Fasteners (Rancho Cucamonga, California) and Alfonso Ramirez of Southwest Fastener (Phoenix, Arizona) were elected by the Pac-West membership to serve three-year terms on the Board of Directors.

Other members of the Pac-West Board are John Butler of The Olander Co. (Sunnyvale, California), Eunice Hajek of M & M Fasteners Supply (Valencia, California), Marisa Mudge of Mudge Fasteners (Corona, California), and Ken Rosenblatt of Hi-Q Fasteners (Santa Fe Springs, California).

Thank you to retiring Board members Craig Beaty of Beawest Fasteners (Kent, Washington), John Gaudette of Metric & Multistandard (Sparks, Nevada), Jo Morris of Desert Distribution (Denver, CO), and David Palmquist of ND Industries (Santa Fe Springs, California).


RELATED CONTENT:

Big Bolt, LLC Acquires Delta Secondary, LLC

Reimagining Leadership: A Call-to-Action Research Report

Fastener Association, Fastener News, Fastener People, Fastener Press Releases, Press Releases

Read more...
bay-fastening-systems-is-building-a-better-b2b-marketplace

Bay Fastening Systems is Building a Better B2B Marketplace

MichaelEichinger_BayFastening

Michael Eichinger, chief operating officer, Bay Fastening Systems

But that’s not enough to provide long-term value, says Michael Eichinger, chief operating officer at Bay Fastening Systems, a distributor of products that make things stick together, such as screws, bolts and adhesives.

“People want to make their jobs easy,” Eichinger says. “The value proposition of a marketplace has to be more than just bringing buyers and sellers together. It has to help them work more efficiently.”

That’s what Bay Fastening Systems is attempting to do with its BaySupply.com marketplace that it launched in December 2021. The marketplace already offers many features designed to improve ordering efficiency, and more are on the way. And there’s complexity every step of the way, Eichinger says.

For starters, BaySupply.com has to import into its system information about all the products that its sellers — 120 distributors and 130 manufacturers, with more joining weekly — want to offer to the 45,000 buyers registered with the marketplace as of September 2022. That includes product attributes, SKU numbers, pricing (including tiered discounts for buying in quantity), available inventory and minimum order quantities.

Then, when a buyer asks for bids on an order, the request for quote goes out to all the sellers that can fulfill the order, and the system automatically populates information like the seller’s price, inventory on hand and minimum order size. That saves the buyer having to go to multiple websites and inputting all that data into spreadsheets, Eichinger says.

That quote-management system has gone through a half-dozen iterations, Eichinger says. A final version is due to be released in late October 2022.

Automated inventory feeds

Another project underway will enable automated uploads of product data from sellers to BaySupply.com. That includes digital assets like images as well as price, product attribute data and inventory.

The project, called BayConnect, will allow sellers to automatically send data feeds from their internal systems, including their enterprise resource planning (ERP) accounting and inventory systems, product information management (PIM) software that tracks all the information about each product, website databases or electronic data interchange (EDI) pipelines.

“The only efficient way to onboard product long-term is to do automated connections,” Eichinger says. BayConnect is due to go live in the first quarter of 2023.

BaySupply.com provides many other features designed to improve efficiency for sellers. For example, manufacturers can upload all their distributors to the platform and ensure that correct product information goes to each one’s listings on the platform. In addition, the supplier can designate which distributor is authorized to sell to customers in a particular geography so requests for quotes are routed to the correct seller.

The marketplace also must properly deal with a range of other requirements, including sales tax, regulatory compliance, order changes and cancellations. It has also built an online chat tool to facilitate communications between buyers and sellers.

“It’s a monster of a task,” Eichinger says. “Every week is a new challenge.”

McFadyen Digital Inc. handles the development work for BaySupply.com, which is built on Magento software from Adobe Inc. McFayden Digital is an IT firm that specializes in ecommerce marketplaces.

A long-term vision

It has taken a big investment to develop BaySupply.com. Eichinger says it will be five to eight years before the parent company gets that money back.

Part of the ROI will come from the 9% commission BaySupply.com takes on sales closed through the platform. In addition, there is a 2.9% payment-processing fee that goes to the bank that either handles the credit card transaction or extends a line of credit to the buyer.

But, Eichinger says, Bay Fastening Systems also benefits in other ways. The marketplace boosts awareness of the company and helps drive offline orders.

The key to success is offering convenience, he says. Surveys show B2B buyers prioritize convenience over price. A marketplace that makes it easy for buyers to get quotes from many sellers, find inventory that’s available when it’s needed, and complete transactions quickly makes life easier for procurement agents, Eichinger says.

And it will aid sellers, he adds, by avoiding a scenario where price is the only determining factor. Buyers often need products in a hurry. If they decide BaySupply.com is the place to quickly find available inventory, they’ll start their buying journeys there. They’ll then make decisions based on factors like availability, ease of getting quotes from multiple suppliers and automated approval workflows, as well as price.

Once many buyers and sellers participate in any digital marketplace, it becomes more valuable for all participants, creating the network effect that Eichinger sees as the key to success. He compares it to Uber and Airbnb, which now have so many buyers and sellers that they’re convenient for buyers while providing big sales opportunities for the sellers.

“No one’s going to remove Uber or Airbnb because they’re created that network effect,” Eichinger says. “That’s the end game for any marketplace.”

Source: 


RELATED CONTENT:

Fastenal’s digital lesson for other distributors: It pays to diversify

Distributor Bay Supply Settles in for the Long-Haul Journey to Marketplace Success

Read more...
in-the-news-with-fastener-news-desk-the-week-of-september-12th,-2022

IN THE NEWS with Fastener News Desk the Week of September 12th, 2022


Here’s what’s happening in and around the fastener industry this week…

Listen to this weeks episode now: (10:22)


The International Manufacturing Technology Show (IMTS) began in Chicago today and will run through the 17th!


The Pac-West Fastener Association’s 2022 Fall Conference kick-offs on September 14th-17th in Denver, CO. Go to www.pac-west.org


In Fastener News…

The August seasonally adjusted Fastener Distributor Index (FDI) bounced back nicely from last month’s sub-50 reading, increasing back into expansionary territory at 52.6. This was consistent with a still very positive FLI reading last month. Demand commentary seemed to suggest further slowing ahead is likely, however, with commentary noting customers are pushing out deliveries and trying to preserve cash in some cases. Pricing remained fairly stable with last month and still at elevated levels. Looking forward, the Forward-Looking Indicator (FLI) retracted to just 47.4, however, as respondents remain overall cautious.

FASTENER DISTRIBUTOR INDEX (FDI) | AUGUST 2022


The Fastener Industry’s Favorite Podcast

ThreadHeads and Fastenerds don’t miss the Fully Threaded Radio Special Report from the MWFA FSTNR Week ’22. Here all about this year’s tabletop show, golf tournament and lead up events! Get the lowdown at FullyThreaded.com. Episode 180 is scheduled to drop this week!!!


Bulten has been nominated as a supplier of fasteners for a new global electric vehicle (EV) platform, to be produced in China. The order value is estimated at approximately SEK 155 million Swedish krona per year at full production. Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other industries such as consumer electronics.


In Fastener Acquisition News…

Big Bolt, LLC (“Big Bolt”), one of the largest specialty fastener manufacturers in the US, announced it has acquired Delta Secondary, LLC.

Big Bolt, LLC Acquires Delta Secondary, LLC


Supply Chains will get another monkey-wrench thrown their way as… US freight railroads will reduce service effective today ahead of a possible strike on Sept. 16 after the country’s two largest rail unions failed to agree on a new contract this week. The developments were confirmed in a statement from the Association of American Railroads. The five US Class I railroads, along with more than 30 regional and short-line railroads, began notifying customers on Friday about the service cuts because they don’t want to leave hazardous materials or expensive cargo abandoned on trains across the US, if labor were to walk off the job.


If you haven’t already done so, it’s time to register for the 41st edition of the International Fastener Expo, which will take place in Las Vegas October 17-19th.

The International Fastener Expo is Largest B2B expo of Industrial Fasteners and Tooling & Machinery in North America. Since 1981, the event continues to bring together the manufacturers and master distributors of fasteners and other related products and services with distributors and sales agents in the entire supply and distribution chain.

IFE Exhibitors! With more than 300 companies already registered, space is running out to exhibit at this year’s expo. Don’t miss your opportunity to make an impact at the largest B2B expo for #fasteners!

Go to https://fastenershows.com to book your space today!

GET REGISTERED USING THE FND Discount Code: FND50


The International Fastener Expo will FEATURE Keynote Speaker. Dirk Beveridge at IFE 2022. Dirk is a visionary entrepreneur and the founder of UnleashWD. Dirk has authored four books including the bestselling INNOVATE! How Successful Distributors Lead Change In Disruptive Times.

IFE Announces First Ever Keynote Speaker

Dirk recently published a NEW Report: The State of Leadership Throughout Distribution. Over 200 executives provided an unprecedented look into how the nature of leadership is changing in distribution. Get details on how to download the new, landmark call-to-action report now!

Reimagining Leadership: A Call-to-Action Research Report

You won’t want to miss Dirk Beveridge your IFE 2022 keynote speaker. GET REGISTERED USING THE FND Discount Code: FND50


IFE Exhibitors It’s Game On: The Fastener News Desk Best Booth Awards return to the 2022 International Fastener Expo! IFE will be sponsoring the Best Booth Awards (that are pretty dang cool) from Trophy Smack! We’re so excited to be BACK in-person, we plan to immortalize your hard-earned victory with a professional-grade championship belt. This year the overall BEST BOOTH AWARD WINNER will claim the Best Booth Award’s first ever customized Championship Belt. We can’t wait to see your creativity this October in Vegas! Who will claim the title?

FND’s BEST BOOTH AWARDS Return To IFE 2022!


Image

REGISTRATION IS ALSO OPEN FOR Fastener Training Institute’s “How Fasteners are Made and What Drives the Cost of a Fastener” CLASS that will take place at the International Fastener Expo. For Registration and more info go to: https://fastenershows.com/fti-class/


In Manufacturing News…

📌 Manufacturing Day is weeks away! This year the month-long celebration of MFG Day 2022 will kick-off on Friday October 7th!

MFG Day is manufacturing’s biggest annual opportunity to inspire the next generation to start careers in modern manufacturing through a series of focused events to promote manufacturing to students, parents, and educators. Plan to open your doors Oct. 7 or throughout the month of October!

Get a helpful resource guide, toolkit, and all you need to get started planning your Manufacturing Day event at MFGDay.com Use #MFGday22 to share your event!


In Fastener Event News …

Image

Join the Southwestern Fastener Association for the Southern Fastener Conference and Expo taking place in Durant, OK Sept. 28th-30th. Get more info at https://www.southwesternfastener.org/


The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our Twitter feed @FastenerNews and on LinkedIn in the Fastener News Group!


Industrial products are comprehensive and purchasing them online can lead to poor customer experiences when utilizing filtered search.

The Product Genius’ product grid technology allows your clients to search, sort and purchase 100’s of products from a one-page buying experience.

Experience and Demo FAST Fastener buying at

1-800-Fasteners.com


If you would like to share your company’s events, news or sponsor an upcoming episode of IN THE NEWS or would like to add to the Fastener Museum me: lisa@fastenernewsdesk.com.


Thanks for tuning in to this week’s episode of IN THE NEWS with Fastener News Desk.

Until next week, be well, be safe and Keep it Fastenating.


RELATED CONTENT:

IN THE NEWS with Fastener News Desk the Week of September 6th, 2022

IN THE NEWS with Fastener News Desk the Week of August 29th, 2022

Fastener Expo, Fastener News, Fastener TV

Read more...
fastenal’s-digital-lesson-for-other-distributors:-it-pays-to-diversify

Fastenal’s digital lesson for other distributors: It pays to diversify

Business buyers like multiple digital channels to purchase from distributors. An excellent example of a distribution company doing just that is Fastenal, which generated total sales of $6.01 billion in 2021 and a branch network of 3,209 locations in 25 countries.

As a major public distributor of industrial and construction products, Fastenal Co, has a big lesson to teach other wholesale and distribution companies: It pays to diversify.

Dan Florness, president and CEO Fastenal Company

Dan Florness, president and CEO Fastenal Company

“We believe our opportunity to grow our business will be enhanced through the continued development and expansion of our digital capabilities” – Dan Florness, president and CEO Fastenal Co. 

Distributors see their business buyers of all sizes morph into digital-first customers. Meanwhile, they also are seeing these customers make organizational purchases by multiple digital channels, including ecommerce sites and apps, electronic data interchange, e-procurement, and marketplaces.

Business buyers don’t just make all their digital channels strictly on ecommerce sites. Often buyers may come to a distributor’s website to research and place an online order, but they may pay for that order through EDI. Or buyers may make a transaction on a marketplace or place an ecommerce order through punchout, which enables an organization to purchase supplies directly from a supplier’s ecommerce website or B2B marketplace without leaving their own e-procurement application.

B2B buyers want multiple digital channels

Business buyers like multiple digital channels to purchase from distributors. A good example of a distribution company doing just that is Fastenal. It generated total sales of $6.01 billion in 2021 and a branch network of 3,209 locations in 25 countries.

Fastenal defines ecommerce as sales through Fastenal.com and other ecommerce sites, electronic data interchange and “other types of technical integrations.”

Fastenal also breaks out sales for what it calls its total digital footprint. That includes ecommerce sales along with customer transactions processed through its FMI inventory management programs, including FASTtock, FASTbin and its FASTVend internet-connected vending machines.

And that digital footprint — and diversification — is paying dividends. Fastenal’s digital footprint accounted for $852.6 million, or 47.9% of total second-quarter sales. That’s up from $628.4 million and 41.7% a year earlier. FMI stands for Fastenal Managed Inventory.

Digital capabilities enhance growth

“We believe the data that is created through our digital capabilities enhances product visibility, traceability, and control that reduces risk in operations and creates ordering and fulfillment efficiencies for both ourselves and our customers,” Fastenal said in announcing its Q2 results. “As a result, we believe our opportunity to grow our business will be enhanced through the continued development and expansion of our digital capabilities.”

For the first six months of 2022 ended June 30, Fastenal posted total sales of $1.778 billion. That’s up 18% from $1.507 billion for the first six months of 2021. Given that digital sales accounted for about 47% of sales in the first half 2022 vs. 42% in the year-earlier period, digital sales totaled $835.7 million in the first half of 2022. That’s an increase of 32% from total digital sales of $632.9 million in the first half of 2021.

For the first half of 2022, Fastenal’s ecommerce sales accounted for 17% of all sales and grew year over year by 53%. Based on those metrics, Digital Commerce 360 projects that ecommerce sales totaled $302.62 million for the first six of 2022. That compares with $198.0 million in the previous year.

Ecommerce ‘continues to grow nicely’

“COVID period pushed everybody to abruptly change what they are doing, and I think that the strength you see in our ecommerce sales growing north of 50% is a testament to the marketplace,” Fastenal CEO Dan Florness said on a recent earnings call.

“I don’t know if the marketplace is reacting to what we’re doing or we’re reacting to what the marketplace is doing. I think it’s more of the latter. Buying habits have changed. And you see it in your personal life. What you do today is different than what it would have been five years ago.”

Florness says diversity is the key to Fastenal’s increased digital commerce growth.

“Ecommerce continues to grow nicely. It rose 53% in the second quarter of 2022. And our large customer-oriented EDI was up 53%, whereas our web sales were up. And when you combine those two, ecommerce is about 17.1% of sales in the second quarter,” he told analysts. “Our digital footprint. We’ve talked about that in prior calls. It’s our ability to manage supply chain more efficiently and illuminate that supply chain for our customers.”

Source: 



RELATED CONTENT:

Fastenal’s Daily Sales Up 16.1% in August

Fastenal Converts Branches in Continued Shift to Digital

Distribution, Featured, Technology, digital

Read more...
big-bolt,-llc-acquires-delta-secondary,-llc

Big Bolt, LLC Acquires Delta Secondary, LLC

– Big Bolt expands its presence in the strategic secondary services growth category.

BLOOMINGDALE, ILLINOIS, UNITED STATES, September 12, 2022 /EINPresswire.com/ — Big Bolt, LLC (“Big Bolt”), one of the largest specialty fastener manufacturers in the US, announced it has acquired Delta Secondary, LLC (“Delta”), an Illinois-based manufacturer of fasteners and provider of secondary services.

Delta is a leading regional supplier of a broad array of fastener solutions for a variety of industrial segments. Headquartered in Bensenville, Illinois, Delta provides fast-turn manufacturing and key secondary services such as cut, chamfer, drilling, tapping, turning, milling, slotting, grooving and thread cutting. Delta’s products are supported by distributors nationwide.

Big Bolt is investing in Delta’s operations to create capacity to handle future growth. In addition, Delta’s team brings significant fastener manufacturing experience and capabilities which enables both organizations to optimize operations resulting in additional speed to service the industry.

“Delta is a great fit—commercially, operationally and culturally—and a valuable extension to Big Bolt’s existing operation,” said Tom Moore, Chief Executive Officer of Big Bolt. “This acquisition allows us to expand our manufacturing capabilities in a strategic area to better meet customer demand.”

Following the acquisition, the Delta team and its base of operations will remain in Bensenville, Illinois. The acquisition was effective on July 29, 2022.

NEWS PROVIDED BY

Tom Moore | BIG BOLT LLC

Source: EIN Presswire


RELATED CONTENT:

Industrial Distribution M&A Remains Active Amid Market Uncertainty

NEFCO Completes Acquisition of Newman Associates

Read more...
fastener-distributor-index-(fdi)-|-august-2022

FASTENER DISTRIBUTOR INDEX (FDI) | AUGUST 2022

The Fastener Distributor Index (FDI) survey for August, 2022.  The FDI rebounded to 52.6 last month, seasonally adjusted, returning to expansion territory after dipping to 46.1 the previous month.

In contrast, the Forward Looking Indicator (FLI) sank to 47.4, reflecting growing uneasiness with expected market conditions, and ending the streak of 26 consecutive months of positive (+50.0) outlook.

Key Takeaway:

The August seasonally adjusted Fastener Distributor Index (FDI) bounced back nicely from last month’s sub-50 reading, increasing back into expansionary territory at 52.6. This was consistent with a still very positive FLI reading last month. Demand commentary seemed to suggest further slowing ahead is likely, however, with commentary noting customers are pushing out deliveries and trying to preserve cash in some cases. Pricing remained fairly stable with last month and still at elevated levels. Looking forward, the Forward-Looking Indicator (FLI) retracted to just 47.4, however, as respondents remain overall cautious. Net, August marked a nice bounce back from a soft July but forward-looking commentary and

the FLI indicates more choppy conditions ahead are likely.

READ FULL REPORT:

FDI_Report_August_2022



FND encourages all North American fastener distributors to take part in the FDI. If you are interested in being a more active part of the fastener industry, you can apply to add your company to the FDI survey group. Complete the “Request an Invitation to Participate” form by clicking here. Once verified, you will receive login ID and password information and you will be notified by email every month when the survey period has been opened. – Fastener News Desk


About the Fastener Distributor Index (FDI).

The Fastener Distributor Index (FDI) was developed as a service to the fastener industry by the FCH Sourcing Network in 2012 to be a new benchmark for the fastener industry.

The FDI is a monthly survey of North American fastener distributors, conducted with the FCH Sourcing Network and Baird with support from the National Fastener Distributors Association. It offers insights into current fastener industry trends/outlooks. Similarly, the Forward-Looking Indicator (FLI) is based on a weighted average of four forward-looking inputs from the FDI survey. This indicator is designed to provide directional perspective on future expectations for fastener market conditions. As diffusion indexes, values above 50.0 signal strength, while readings below 50.0 signal weakness. Over time, results should be directly relevant to Fastenal (FAST) and broadly relevant to other industrial distributors such as W.W. Grainger (GWW) and MSC Industrial (MSM).

The FDI Survey website is a resource than can be accessed by anyone, but it can only be updated by registered users during the monthly open survey period, which occurs during the last week of each month.

Click in to episode #180 of the Fully Threaded Radio podcast to hear from Baird analyst Quinn Fredrickson. FullyThreaded.com.

Contact:

Eric Dudas | O: 877.332.7836 | C: 630.532.2442

www.fastenersclearinghouse.com



RELATED CONTENT:

FND’s BEST BOOTH AWARDS Return To IFE 2022!

FASTENER DISTRIBUTOR INDEX (FDI) | JULY 2022

Fastener Distributor Index (FDI) | June 2022

Fastener Distributor Index

Read more...
fastener-pop-quiz:-metric-fasteners

Fastener Pop Quiz: METRIC FASTENERS

FASTENER POP QUIZ FEATURING METRIC FASTENERS

[Sponsor]

EUROLINK FASTENER SUPPLY SERVICE

“HARD-TO-FIND METRIC FASTENERS DELIVERED”

Q: What are the only sizes at which the DIN and ISO standards for metric hex bolts are markedly different?

A: WATCH VIDEO NOW TO GET THE CORRECT ANSWER

Eurolink is the premier US distributor of metric fasteners and fastener lines with hard-to-find metric fasteners manufactured to both DIN and ISO standards. As the nation’s leading source for hard-to-find metric fasteners, Eurolink offers access to more than 100,000 quality C-class parts from countries such as Germany, Italy, Switzerland, Poland, Spain, France, and Great Britain. Regardless of your required size, material, or finish, Eurolink FSS has the European resources to meet your demands.

If you’re looking for a top fastener supplier you’ve found one!

Eurolink is committed to providing you fast HASSLE-FREE ordering, fair pricing, and timely delivery. Are you spending hours searching fastener websites or catalogs? Waiting on hold while a sales rep digs through their catalog to confirm a DIN number? Wondering if your invoice will even be processed correctly? How about worrying whether or not your quoted ship date was just a sales rep’s guess? Not at Eurolink Fastener! Simply submit a quick RFQ for the items you require. We’ll do all the research, and follow up with you personally with a complete quotation. As you order products from Eurolink, you can do so with the confidence that your order will be processed accurately and efficiently — along with the best available pricing and delivery — means HASSLE-FREE to you.

CONTACT EUROLINK TODAY: https://eurolinkfss.com/


RELATED CONTENT:

Fastener Pop Quiz: METRIC FASTENERS

Fastener Pop Quiz: METRIC FASTENERS

Fastener Pop Quiz: METRIC FASTENERS

Fastener Pop Quiz

Read more...