Sale of Waterford Wedgwood agreed

Receivers acting for Waterford Wedgwood today announced the sale of its Irish and UK businesses to a US equity fund.

Irish reciever David Carson of Deloitte said: "We are pleased to announce that we have signed a contract with KPS Capital Partners LP, a New York-based private equity limited partnership."

The deal will see a new company being set up by KPS "to acquire certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries."

A statement said the completion of the sale was subject to customary conditions and is expected in March.

The companies went into receivership and administration respectively on January 5.

The move could mean good news for hundreds of Irish jobs. Around 800 people are employed at the company's Irish operations.