Waterford Wedgewood chief increases shareholding

Waterford Wedgwood chief executive Redmond O'Donoghue has bought 1.2 millon shares in the company for €240,000.

Waterford Wedgwood chief executive Redmond O'Donoghue has bought 1.2 million shares in the company for €240,000.

This brings his total shareholding to 1.59 million which translates as 0.2% of the issued share capital.

The luxury goods and crystal glass maker’s chief executive paid 0.20 cent per share.

The move is seen as an attempt to boost investor confidence as shares in the company have fallen by over 60% this year and posted a loss of €45m in the six months to September 2003.

Earlier this year, Wedgwood closed factories in Britain and axed 1,100 jobs in an effort to cut costs.

The company blamed a slump in product demand in North America for its cost cutting measures.