Hundreds of Jobs Saved after as Caparo Tubular Solutions is Acquired in a Deal
Some jobs are saved at the troubled Caparo Tubular Solutions as it has been acquired by the Gupta family that manages the metals groups, Liberty House according to PwC.
The recent sale includes the businesses of Caparo Precision Tubes, Caparo Tube Components and Caparo Accles and Pollock, all based in Oldbury, West Midlands. One of the besses at the union described the deal as a "sliver of good news." It also saved hundreds of jobs in the West Midlands and Blaenau Gwent.
Caparo announced in October that 452 jobs would be lost countrywide including three hundred in the West Midlands, as it entered administration. In the past week, total seventy six jobs were saved in the West Midlands and south of England as PwC confirmed that Caparo Testing Technologies has been sold in a deal. The total number of jobs saved comes to four hundred and nine in the company.
However, according to PwC, it's difficult to clarify the number of exact posts that were secured in all the locations as some of the staff work in more than a single site.
Chief executive of Liberty House, Sanjeev Gupt said that the inclusion of Caparo tube businesses is "a major complement" to the hot rolled coil production plant that the company owns in Newport, south-east Wales. He said, "I believe that, despite the current difficulties being encountered by the UK steel industry there is a future for the sector in Britain."
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies