'Excellent news for the Black Country': 300 Oldbury and Bilston Caparo jobs saved

That was the verdict after part of the troubled Caparo empire was sold, saving around 300 Black Country jobs.

Caparo Tubular Solutions (CTS), which has bases in Oldbury and Bilston, has been bought the wealthy Gupta family, which manages metals group Liberty House.

The sale has saved 333 jobs in total, including around 300 at sites in the Black Country.

CTS includes Caparo Precision Tubes Oldbury, Caparo Tube Components and Caparo Accles and Pollock, also based in Oldbury, Hub Le Bas in Bilston, and Caparo Tubes Tredegar in Wales.

The move has been hailed as 'a huge relief' by a local MP, and 'a sliver of good news' by union bosses.

In October Caparo went into administration in October, initially putting up to 1,700 jobs in the Black Country at risk.

A total of 245 jobs went at Darlaston-based Caparo Atlas Fastenings, Caparo Forging Europe in Dudley and Caparo Fairbright Wire in West Bromwich, which all closed.

Plants in Cradley Heath and Oldbury saw 78 jobs go.

The firm was hit by tragedy earlier this month when owner Angad Paul died after falling from the eighth floor of his family's penthouse apartment in London.

The Gupta family has taken over CTS to complement to its own hot rolled coil production, centred in Newport, South Wales.

Bosses say the high level of skilled workers in the Black Country contributed towards their decision to buy the firm.

The deal to save CTS has been welcomed by union bosses, councillors and MPs in the Black Country.

Warley MP John Spellar said: "It is excellent news, not just for the workers and their families but for the Black Country, seeing a major industrial company retained.

"It is no doubt a huge relief for workers and their families just before Christmas too.

"I hope the new management prosper as this is good news for the whole of the Black Country."

Sandwell Council leader Darren Cooper said: "This is great news for the workers, particularly against the backdrop of recent bad news associated with the firm.

"We welcome the new owners and will be making efforts to meet with them to see if we can help in any way."

Harish Patel, national officer for the union Unite, was another to hail the move. He said: "Unite will be working with the new owners to ensure jobs are secured in the UK for the long term.

"We will also be seeking assurances and commitments from the new owners on investment and training which is so crucial to sustaining skilled, well-paid jobs in our manufacturing sector."

It has not been confirmed how many jobs have been saved at each site, as a number of staff are said to work from multiple bases.

Announcing the sale, 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 has successfully concluded transactions in November which preserve businesses and employment."

Wolverhampton South East MP Pat McFadden, said: "If any jobs can be saved from Caparo going into administration, then it must be welcomed as great news.

"It is particularly pleasing to see that some of those jobs are in Bilston."

News that 333 jobs have been saved at Caparo plants, mostly at plants in Oldbury and Bilston, couldn't have come at a better time to the relief of worried workers and delight of their communities.

And the good news keeps coming. Chancellor George Osborne came to the Midlands today to announced that 200 skilled engineering and manufacturing jobs will be created in the region thanks to a £16.6 million grant.

To mark the announcement, he today visited the hugely successful Jaguar Land Rover engine plant at Staffordshire's i54, on the outskirts of Wolverhampton, which last week revealed it is investing £450m to double in size.

The Chancellor says he is determined to 'build on the success of Britain's Engine for Growth in the Midlands' and promises 'significant investments in the Midlands, across transport, energy and culture'.

The Gupta family who have bought Caparo Tubular Solutions (CTS) say the high level of skilled workers in the Black Country contributed towards their decision to buy the firm.

Despite the crisis currently within the steel industry, the new owners have faith in the skilled workforce to make the company work. This wealthy family would not invest so heavily if they were not confident of success.

They have confidence in the people of the Black Country. JLR had confidence in this area - and the engine plant has gone from strength to strength.

This region and the people who work in are worth investing in. There are skilled workers and this is a region which has traditionally had a strong worth ethic. Our transport links are excellent and promised improvements to the M6, notably at junction 10, rail routes and other projects can only help businesses and their staff.

It was a huge blow to see so many jobs lost at Caparo especially at this time of year. It will be a bleak Christmas for the Goodyear workers who are awaiting their fate as closure looms.

The sale was also welcomed by the Black Country Chamber of Commerce. President Ninder Johal said the interest in acquiring parts of Caparo proved the region was 'still a major player' in the manufacturing industry.

"This is a major investment from the Gupta family that shows they have belief in the Black Country and our workers," he added.

"It's come as no surprise to me that this has happened. A lot of businesses have been watching the situation at Caparo closely.

"The new owners will have reasoned that despite the problems with the steel industry there are a lot of skilled people here that can make the company work."

Russell Farrington, regional organiser for the GMB union, was another to welcome the news, although he called for action on China dumping cheap steel on the UK market.

"This is a sliver of good news for workers in the steel industry," he said.

"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."

Sanjeev Gupta, chief executive of new owners Liberty House, said the acquisition of Caparo would help them to 'create a comprehensive and robust new model for the steel sector in the UK'.

He added: "Caparo Tubular Solutions was a fundamentally profitable business with substantial, sustainable value, and we were very attracted to its highly-skilled management and workforce, extensive distribution network and top-quality customer base."

Robert Moran, partner at PwC and 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."

Earlier this month it was announced that Caparo Testing Technologies, which includes a site at Popes Lane, Oldbury, has been sold to Applus+, saving 76 jobs.

And last week 79 jobs were saved when Caparo wire in Wrexham was sold to investment company Rcapital.

More than 320 jobs have been lost in the Black Country with the closure of Caparo businesses since the collapse.

Buyers are still being sought for the remaining Caparo engineering businesses, which employ around 1,000 workers.