Part of the collapsed steel firm Caparo has been sold off, safeguarding the jobs of 76 employees, its administrators PWC said today.
Caparo Testing Technologies, which tests and inspects parts, has been sold to another testing and inspection company Applus+.
The sale will save jobs in four locations and two customer sites across the Midlands and south of the UK.
Last month, it was announced that Caparo had become the latest victim of the deepening UK steel industry crisis, collapsing into administration with the loss of 1,700 jobs.
"The sale of Caparo Testing Technologies to Applus+ represents a highly strategic acquisition and demonstrates the quality of this business. It is also great news for 76 employees of the Caparo Industries Group," Robert Moran, a partner at PwC who is leading the Caparo sales process, said.
"We would like to thank all of the Caparo people involved for their dedicated support in securing this transaction.
"We continue to hold advanced and encouraging discussions with a number of parties around the sale of remaining Caparo Industries Group companies."
The UK steel industry has suffered amid international competitors who are able to manufacture steel at lower prices, as well as waning global demand.
News of Caparo's administration came after the closure of the UK's second largest steelmaker, SSI steelworks in Redcar. Its liquidation will lead to over 2,200 job losses, and thousands more indirectly related to steel-making.