Update on Caparo Industries plc and its subsidiaries – collectively the “Caparo Industries Group" or “CIP” – in administration

Published at 08:37 AM on 30 November 2015

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."

ENDS

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.

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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At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

 

               PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

 

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About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2016 PwC. All rights reserved

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