Caparo, a £65bn (US$1.25bn) company with business interests in steel and automotive components in Britain, Spain, the US, Canada and India, has announced it will create an advanced automotive technology and engineering design company to be called Caparo Vehicle Technologies.
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The new company will provide advanced technology development, materials engineering and design services to mainstream automotive, motorsport and aerospace markets. Coupled with its global manufacturing resource and capability Caparo aims to accelerate the use of lightweight materials in vehicle structures.
To launch the company Caparo has acquired the automotive consultancy recently established by Ben Scott-Geddes and Graham Halstead. Both engineers were part of the team that developed the McLaren F1. Their automotive engineering skills have already spawned the Freestream T1 currently in prototype build, which will now be launched as the Caparo Freestream.
Separately the Financial Times reported that Caparo has placed its Armstrong subsidiary, into receivership because of a £26m pension deficit. Armstrong produces fasteners and has 450 staff and a turnover of around £30m. Adminstrators are hoping to sell the company as a going concern.
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