250 jobs to go at Waterford Wedgwood site in Britain
This is in addition to the rationalisation programme at its Kilbarry plant in Waterford, where over 500 jobs are on the line.
When the redundancy programme is completed roughly 500 jobs will still be retained at the group’s crystal plant in Waterford.
Recently, the company announced losses of €241m for its last financial year, up from €70m previously. At the time it refused to give any assurances the remaining 500 jobs were safe.
Anthony Jones, appointed chief financial officer of the group in November, said he would never give such commitments in an interview after the publication of the results.
However, he added the following comment suggesting that Waterford was important to the identity of the group.
“I’m looking at things in a more financially sophisticated way than previously, but cognisant of the fact this is a group that relies on luxury brands, and the DNA of the brand is very important to us,” he said
Meanwhile, the group, which is controlled by billionaire businessman Tony O’Reilly and his brother-in-law, Peter Goulandris, is looking for further cost savings.
It said talks with staff at Stoke-on-Trent are taking place which could lead to a further transfer of 250 jobs to Indonesia.
Thousands of pottery jobs have been lost from Britain to Indonesia and other cheaper locations over the past 10 years as companies such as WW looked to save money.
At the results announcement the group confirmed it is to raise €120m in fresh funding this year, with Mr O’Reilly and Mr Goulandris, the group’s major stakeholders, committed to taking up their entitlements on a pro rata basis.
Lack of funding hurt group sales last year but new credit lines and the commitment to raising further money should provide financial stability to the group going forward, said Jones.
The shares rose slightly yesterday, but remain out of favour with investors.
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