10/20/2015 12:18:00 AM
NEWS BRIEFS
London-based Caparo Industries plc has collectively entered administration.
CIP comprises approximately 20 individual business active in UK steel and associated engineering businesses, including fasteners, for aerospace, automotive and other industries.
A team of administrators, partners and directors from PricewaterhouseCoopers (PwC), were appointed Joint Administrators over Caparo Atlas Fastenings Ltd. and 15 other companies within the group.
The Joint Administrators’ team from PwC will take control of the companies, which employ about 1,700 workers.
The Joint Administrators will also be working closely with the senior management team at Caparo to assess opportunities to restructure or sell the businesses and their assets.
“The impact of steel prices and exchange rates has had an impact on some parts of the Caparo Industries group,” stated Matt Hammond, lead administrator and partner at PwC. “However there are businesses in the group that are not directly affected by steel prices, and likewise many where there is both strong customer demand and critical supplier support.
“We will be working with all parties to ensure the best outcome for all creditors of each business.”
Founded In 1887 as FW Cotterell Ltd., Caparo Atlas Fastenings manufactures cold forged fastenings, with a capacity from M4 to M24 diameter and up to 200mm long in the larger diameters.
Caparo Atlas Fastenings serves a range of industries both in the UK and abroad, including automotive, off-highway, furniture, oil and gas, marine, petrochemical, construction, rail and road, bus and truck, and defense. Web: caparoatlasfastenings.com
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