OSNAGO, Italy and YORK, S.C., Oct. 14, 2014 /PRNewswire/ -- FOMAS Group is pleased to announce, that effective October 10, it acquired Ajax Rolled Ring & Machine, LLC (Ajax) based in York, South Carolina.
Under its long-term vision and medium-term management targets, FOMAS Group has sought to expand its seamless ring rolling business not only through organic growth but also by actively pursuing opportunities to acquire companies in the rolled rings industry. This acquisition further strengthens FOMAS Group's position in the seamless rolled rings market, as Ajax's capabilities are highly complementary to those of FOMAS Group, with limited product overlap.
The joining of forces with Ajax will give FOMAS Group a strong presence in the United States and, through the mutual sharing of the existing brands and business relationships, it will increase the sales opportunities. The operation is strategically aligned with the FOMAS Group's objective to provide turnkey solutions, from forging and ring rolling to a fully finished machined & preassembled part. This acquisition confirms the FOMAS Group's financial soundness and it will not only fortify the Group's presence in the United States, but it will be a further challenge to grow experience and know-how in new markets.
"The acquisition of Ajax is another important step in our journey to excel in the forging industry," said Jacopo Guzzoni, vice president & Chief Executive Officer of FOMAS Group. "This transaction will strengthen our presence in the United States, where our customers will regard a local production site very positively. It will toughen our global presence; reinforcing the fact we are not a local company limited to a specific area, nor part of an oversized Group. We can be considered as a mid-sized multinational between smaller and larger firms, with the ability to network both locally and internationally."
ABOUT AJAX Rolled Ring & Machine, LLC
Headquarters: York, South Carolina
Year of Establishment: 1980
Principal places of Business: USA
Principal Business: seamless rolled rings that are used in a variety of critical industrial components including bearing races, gears, flanges, and valve seat rings for end-use markets such as the bearing industry, power-generation including steam and gas-turbine, wind energy, mining and construction equipment, oil & gas, aerospace, petrochemical, defense, rail transportation, and a wide variety of general industrial applications.
Employees: 100
www: http://www.ajaxring.com
ABOUT FOMAS Group
Headquarters: Osnago, Lecco Italy
Year of Establishment: 1956
Principal places of Business: USA/Europe/India/China/Russia/West Pacific
Principal Business: forgings and seamless rolled rings, in any type of steel and non-ferrous alloys for the most demanding and critical sectors. Power Generation, Nuclear, Oil & Gas, Gears, Transmission & Bearings, Construction Equipment, General Industry.
Employees: 1,300
www: http://www.fomasgroup.com
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SOURCE FOMAS Group
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