Global Fastener News

10/31/2015 11:42:00 AM

The historic Caparo Atlas Fastenings Ltd. was closed by a UK court administrator, according to Fastener+Fixing magazine.
Caparo Industries Group is part of global network originally formed by Lord Paul in the 1960s when he moved to Britain from India.
The announcement that 16 UK steel-related Caparo companies would enter administration came as Chinese President Xi Jiping visited the UK, F+F noted. “The decision was strongly linked to the impact of low cost steel imports from China, also cited as a major factor in the closure the previous week of a UK blast furnace and the subsequent announcement of 1200 job losses at Tata Steel’s UK operations.”
Administrator PwC ruled Atlas was unviable and closed the Darlaston, UK business, laying 122 employees. Caparo Forging Europe, with two UK sites, and two other Caparo companies also closed.
“It is with regret that we have made these decisions today, but the commercial prospects of the affected businesses render then unviable,” according to a PwC statement.
There are still 1,200 people employed in remaining Caparo companies under administration.
Situated in the UK’s Black Country – the 19th century heart of England’s industrial revolution – Atlas operated in the same location for 130 years.
In 1887 FW Cotterell Ltd began manufacturing at Atlas Works in Darlaston. Records indicate Atlas manufactured coach bolts as early as 1800, F+F reports. The company introduced the famous trade emblem of Atlas standing on a nut and bolt supporting the world on his shoulders, representing the role the company came to play in global fastener supply.
From 1919 the site manufactured nuts, bolts and studs, as part of Guest, Keen & Nettlefolds. By the end of the Second World War, Atlas Works covered more than 20 acres  and employed 3,000 people.
In 1982 the business was acquired by Armstrong and, incorporating the other acquisitions of GSF and Charles Richards, became Armstrong Fastenings Ltd. Caparo acquired Armstrong in 1989. In 2006 it placed the business in administration because it was unable to reach a negotiated agreement with trustees over a GB£36 (US$55.6) million pension fund liability.  The Darlaston plant was re-acquired from the administrators as Caparo Atlas Fastenings Ltd.
Atlas has been a major supplier to the UK automotive sector for decades, including the original Mini,Jaguar, Land Rover and JCB and it supplied other sectors including construction, oil and gas, and defense with fasteners from M4 to M24 diameter.  Web:FastenerandFixing.com