Engineering news
A further 333 jobs have been saved at steel firm Caparo, administrator PwC has announced.
Caparo Tubular Solutions business has been sold to the Gupta family, which manages metals group Liberty House.
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.
In October, Caparo announced 452 jobs were to go across the country, including 300 in the West Midlands, after it entered administration.
A total of 76 jobs in the West Midlands and south of England were saved last week when PwC confirmed Caparo Testing Technologies had been sold.
Robert Moran, 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 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.
“We continue in advanced discussions with parties relating to interest in other Caparo Industries Group companies."
Russell Farrington, regional organiser at the GMB union, said: "This is a sliver of good news for workers in the steel industry.
“We have made progress on the energy prices front for the UK steel industry. We now need action on dumping," he added.