A third rescue deal has been agreed for Caparo Industries Group which has saved more than 300 jobs.
have sold Caparo Tubular Solutions to the Gupta family whose interests include metal and industrial groups Simec and Liberty House.
Caparo Tubular Solutions manufactures, distributes and supplies advanced tube components and parts for the automotive and aerospace industries in the West Midlands and South Wales.
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The deal, which has preserved the jobs of 333 workers, comprises the following group companies in the two areas - Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset.
This factory in Tredegar, South Wales, closed down on October 30.
As a result of this latest deal, 488 Caparo workers have been kept on through sales of group businesses.
Caparo Industries Group comprises a range of companies involved he forging and pressing of metal products for aerospace, automotive and other industries as well as the production of fastenings, wire, tubes and other products.
It was founded by Lord Swraj Paul of Marylebone whose son and company chief executive earlier this month.
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Robert Moran, partner at PwC who is leading the Caparo sales process, said: "The sale of Caparo Tubular Solutions is a major boost for the Midlands economy, the employees of Caparo and more widely for the 海角视频 steel industry.
"This is third deal to be completed out of the administration, following the recent sales of Caparo Wire
"We would like to thank all of the Caparo people involved for their dedicated support in working with the administrators to secure this transaction.
"We continue in advanced discussions with parties relating to interest in other group companies."
Partners from PwC on October 19. They were:
1) Caparo Industries
2) Caparo Engineering
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6) Bridge Aluminium
7) Material Measurements
8) Caparo Precision Tubes
9) Caparo Precision Strip
10) Caparo Vehicle Technologies
11) Caparo Tube Components
12) Caparo Modular Systems
13) Caparo Advanced Composites
14) Caparo Accles & Pollock
15) Caparo Tube Components 2
16) Caparo Atlas Fastenings