GMB WELCOME SALE OF CAPARO TUBULAR SOLUTIONS SAVING 333 JOBS IN WEST MIDLANDS AND SOUTH WALES
We have made progress on the energy prices front for the UK steel industry and we now need action on dumping says GMB
GMB, the union for workers in the steel industry, commented on the announcement of the sale of the Caparo Tubular Solutions. See notes to editors for copy of PwC press release dated 28th November.
Russell Farrington, GMB Regional Organiser, said "This is a sliver of good news for workers in the steel industry. GMB warmly welcome this for the Caparo workers we represent in the West Midlands. We have made progress on the energy prices front for the UK steel industry. We now need action on dumping."
Contact - Russell Farrington on 07957 266840 or Joe Morgan 07794 247 960 or Sam Jones on 07939 874 272 or Stephanie Peacock on 07841 763521.
Notes to editors
Copy of PwC press release dated 28th November.
Update on Caparo Industries plc and its subsidiaries – collectively the “Caparo Industries Group" or “CIP” – in administration
PwC is pleased to announce the sale of the Caparo Tubular Solutions business to the Gupta family, whose interests include the SIMEC and Liberty House groups.
Caparo Tubular Solutions includes the businesses of Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset.
Robert Moran, partner at PwC, 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 UK steel industry.
“This deal preserves all 333 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.”
“This is third deal to be completed out of the CIP administration, following the recent sales of Caparo Wire and Caparo Testing Technologies. We would like to thank all of the Caparo people involved for their dedicated support in working with the administrators to secure this transaction.
“Sales to date have led to a total of 488 Caparo people being transferred and remaining in employment. We continue in advanced discussions with parties relating to interest in other Caparo Industries Group companies."
Matthew Hammond, Midlands Region Chairman for PwC and lead administrator said:
"We are delighted to have made further substantial progress with this deal. We had targeted selling a number of the Caparo businesses during November.
"Our Deals team, led by Robert Moran with corporate finance support from Neil Sumner has successfully concluded transactions in November which preserve businesses and employment."
Notes to editors:
1. * Caparo Tubular Solutions includes the businesses of Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset.
2. Partners from PwC were appointed as administrators to 16 companies in the Caparo Industries Group on 19 October.
3. The Caparo Industries Group comprises a Midlands and London headquartered diversified industrial group involved in the forging and pressing of metal products for aerospace, automotive and other industries; as well as the production of fastenings, wire, tubes and other products.
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