Another subsidiary of the Black Country steel group Caparo Industries has been sold out of administration.
The acquisition of the Caparo Tubular Solutions business by the Gupta family occurred less than a week after administrators saved the jobs of nearly 80 workers at the Caparo Wire factory in Wrexham by selling it to R-Capital.
The sale of Caparo Tubular Solutions, which includes the businesses of Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset, is the largest to date and saves the jobs of more than 330 people.
The deal, the terms of which have not been announced, means that administrators from Price Waterhouse Coopers have so far managed to save the jobs of 488 people employed by the Caparo group, which went into administration in October.
Robert Moran, a partner at PWC, said: “The sale of Caparo Tubular Solutions is a major boost for the Midlands economy, the employees of Caparo and, more widely, the UK steel industry.
“This deal preserves all the jobs at Caparo Tubular Solutions, which manufactures, distributes and supplies advanced tube components and parts for the automotive and aerospace industries in the West Midlands and South Wales.”