Global Fastener News

Indian Firm Eyes Ajax Acquisition

Jason Sandefur

India-based Uma Precision has expressed interest in acquiring Australian forging company Ajax Engineered Fasteners, which was forced into receivership after a customer-funded plan to keep Ajax afloat failed, the Business Standard reported.
“The acquisition of Ajax EF (if successful) will certainly make our hold in the European market strong,” commented Uma Precision CEO Rajendra Kankaria.
Ajax is a cold forged components and fasteners manufacturer with capacity of 8,000 tons a year. Its facilities include cold forging machinery heat-treatment process, surface treatment system. The company also owns warehouse facilities in Australia and the U.S., in Columbia, SC, and Chicago.
Uma Precision is the third company to express interest in Ajax following news that the business was closing. About 200 auto fastener workers were laid off.
Ajax was supposed to operate through March under a rescue package crafted August by the company’s administrator, car firms and unions. But customers such as Holden, a GM division, and Ford withdrew funding after major shareholder Allen Capital put Ajax into receivership over a $4.5 million debt. �2006 FastenerNews.com