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Daniel Florness

๐Ÿ‘ค Speaker
72 total appearances

Appearances Over Time

Podcast Appearances

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

So you are absolutely correct.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

Most of the fasters in this country in North America in general come from, uh, Northern Asia, China, uh, primarily, um, obviously huge impacts.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And for us, what it's meant is over about, for about the last six years, seven years, we've been actively expanding our ability to import fasters because there's still a lot, not a lot of domestic production.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And, uh,

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And so when I think back to 2018, our primary sourcing entity was based in Shanghai with a secondary location in southern Taiwan.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

Today, we have personnel in Bangkok.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

We have personnel in India.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And that's where all of our growth and movement of sourcing personnel has occurred over the last

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

seven, eight years to just broaden our ability to be a little more agile and where you source from, depending on the geography it's going into.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

Yeah, I guess, you know, anecdotally, yes.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

I can't say that we've seen a tremendous influx

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

What I would say is I hear less about stuff leaving than maybe I would have 10 years ago or five years ago.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And that in itself is a win from the standpoint of production.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

But a lot of it is folks are getting closer to where the end customer is for a lot of our customers.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And so when I see customers expanding production facilities in North America, and I'll say more broadly than North America rather than just the United States, it's usually to service more efficiently the local market.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

Mm-hmm.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

Well, it's unusual in that, you know, you hear about everything, whereas in years past,

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

There was so much of this political stuff that went on.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

But most of it, if you weren't in the midst of it, you were oblivious to.

Bloomberg Talks
Fastenal CEO Daniel Florness Talks Minnesota Unrest

And you just went around about your life.