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Press release from PR Newswire

AJAX Rolled Ring Announces Major Expansion in York, South Carolina

Friday, December 16, 2011

AJAX Rolled Ring Announces Major Expansion in York, South Carolina12:13 EST Friday, December 16, 2011YORK, S.C., Dec. 16, 2011 /PRNewswire/ -- AJAX Rolled Ring & Machine (www.ajaxring.com) announces a 15,000-square-foot expansion of its York facilities. The expansion will bring nine new jobs to the area in 2012, with 25 new jobs expected over time. This $2-million-dollar facility is the first significant plant expansion at AJAX since the operation was established in York in 1980. AJAX Rolled Ring & Machine is a premier supplier to the North American industrial ring rolling market. The new facility will expand AJAX's machining capacity and capabilities, and will allow AJAX to supply finish-machined rings to exacting specifications as required by its customers. The company serves the bearings industry, including The Timken Company and SKF Group, and gear manufacturers. It also serves OEM (original equipment manufacturer) customers such as Caterpillar, General Electric and Joy Global/ P&H Mining.A groundbreaking ceremony will take place on Monday, December 19, from 2:00 pm to 4:00 pm at 500 Wallace Road. Expected to attend are York Mayor J. Edward Lee and many state and local dignitaries. "This is an exciting first step in our long-term growth strategy," says AJAX CEO Simon Ormerod. "Expanding our machining operations is a logical progression for AJAX, allowing us to grow our business and provide more value to our customers."AJAX has approximately 100 employees, some of whom have been with the company since it rolled its first ring.AJAX is a wholly owned subsidiary of New York based Prospect Capital Corporation (NasdaqNM: PSEC), a public equity company with assets exceeding $800 million.  SOURCE AJAX Rolled Ring & MachineFor further information: CONTACT: Justin McCarthy, Executive VP, +1-803-628-2310, justinmccarthy@ajaxring.com