In an agreement with administrators PwC, the Gupta family's Liberty House Group acquired parts of Caparo's advanced engineering products and precision strip businesses based at sites across the West Midlands region of England.
The move follows the Liberty's purchase two weeks ago of businesses in Caparo's Tubular Solutions division, now renamed Liberty Tubular Solutions, and marks a widening of the family's strategy to invest in UK manufacturing and engineering.
"Despite current difficulties, advanced engineering can create enormous value for the UK economy and I'm convinced that, based on the right business model, operations like these have strong growth potential in the UK and across various markets internationally where Liberty is present," said Liberty House Group managing director Sanjeev Gupta.
The engineering businesses - now called Liberty Advanced Engineering Products - command a high-profile customer base, with products including anti-vibration systems for naval vessels and high performance braking systems for NASCAR, London Taxis, US Yellow school buses, the upgraded Warrior Land Rover, featured in the new Bond film, 'Spectre', as well as the iconic T1 Evolution Hyper Car.
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Gupta explained that Liberty Advanced Engineering Products would be focusing on increasing sales and new product development for the aerospace, defence and automotive markets.
"Acquisition of key Caparo assets underpins our strategy to integrate from liquid steel to finished engineering products, which we will continue to build upon in the UK," he said.
Liberty recently restarted production of hot rolled coil at its rolling mill in Newport, South Wales, and hopes eventually to recommence melting operations at the same site which has an arc furnace already in place.