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Ajax Rolled Ring & Machine Expanding In York, S.C. And Bringing New Jobs To The Region

Stock quotes in this article: PSEC

YORK, S.C., Sept. 19, 2012 /PRNewswire/ -- Ajax Rolled Ring & Machine ( www.ajaxring.com) is bringing new jobs to York County, South Carolina as it opens a new manufacturing facility at its York location.  The $2 million facility is the first significant plant expansion for Ajax since beginning operations in York in 1980.

Ajax Rolled Ring & Machine CEO Simon Ormerod says up to 25 new positions will be added over the next two years to operate the new machining facility.  Five positions have already been filled.  "This expansion will allow us to provide a more precisely manufactured product in a much shorter lead-time to our customers."

Ajax Rolled Ring & Machine is a supplier of seamless steel forged rings ranging from 12 inches to 100 inches in diameter.  The large rings can weigh more than a ton. These rings are primarily used for large gears and bearings, such as are used in large mining vehicles and wind turbines.

The new 15,000-square-foot climate-controlled facility allows Ajax to machine to the tight tolerances – within 1/1000 th of an inch – that their customers require. The climate-controlled conditions allow for tighter accuracy and control of the machining operation. The new facility also allows the company to expand its portfolio to produce new configurations and shapes of rings.

"We have the capability to expand the new machining facility even more in the future - up to 20,000 square feet.  Opening this facility is important to our long-term growth strategy," added Ormerod.

Ajax currently employs approximately 110 people at its York facility. A formal ribbon-cutting event for customers and those that have helped to make this expansion possible will be held Wednesday, September 19, 2012, at 10 a.m., followed by a tour of the new facility. Ajax's address is: 500 Wallace Way, York, S.C., 29745.

Ajax's majority shareholder is Prospect Capital Corporation (NasdaqNM: PSEC), a publicly traded investment company making debt and equity investments into U.S. middle market businesses.

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