The UK has retained 550 jobs owing to Indian-origin tycoon Sanjeev Gupta whose Liberty House group is on a buying campaign in the steel sector in the UK. He has come to the rescue of hundreds of workers of a top UK manufacturer of vehicle components and cast aluminum engine.
The trade and assets of King Automotive Systems Limited and Amtek Aluminum Castings Limited have been brought by the Liberty House group. It has purchased these firms for an unrevealed amount of funds from PwC administrators and saved jobs of almost 550 automotive workers.
The UK-based Executive Chairman of Liberty House Sanjeev Gupta said that the operations of the two firms are a valuable asset in spite of the current challenges. They are also a crucial part of the automotive and supply chain in the UK and EU, added Mr. Gupta, as quoted by the Times of India.
The Liberty House group is extremely pleased to utilize its resources and vast experience in the automotive sector to rescue the enterprise said the Indian-origin tycoon. We will be able to recover and realize its real potential added Sanjeev Gupta.
The specialist skill sets of the work force are greatly valued said, Mr. Gupta. We will be working closely with the workers and crucial clients to bring back business on the track, added the Indian-origin tycoon.
Amtek UK is a Tier 1 provider to crucial vehicle manufacturers. It has two manufacturing plants in West Midlands and one manufacturing plant at Witham Essex. The total number of workers is 550.
These plants manufacture aluminum die castings. They also undertake a wide range of intricate processes that include testing parts, assembly, and machining used in power train components and engines.
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