Former staff hopeful as Waterford Wedgwood bought by US firm
It emerged last night that the company had been bought by US-based private equity firm, KPS Capital Partners.
A statement from Waterford’s receiver — David Carson of Deloitte — said that a deal had been reached with WWRD Holdings, a newly formed company by KPS, to acquire several of the group’s Irish and British subsidiaries.
These include the likes of Waterford Wedgwood, Waterford Crystal, Cash’s Mail Order, Royal Doulton and Stuart & Sons. No acquisition value has been declared, however.
Waterford Wedgwood has been in receivership since January, when it effectively folded with debts of €449 million. KPS and Clarion Investments were both named as potential buyers, but KPS initially only showed interest in buying the brands and not keeping any of the existing staff.
However, recent talks between KPS and the trade union, Unite, have seen the US company row back on that sentiment.
While KPS has not made it fully clear what will happen on the jobs front, it is hoped that 145 jobs will be maintained in Ireland between manufacturing and sales/administration; while a further 120 positions will be maintained in back-office roles. It is expected that the American firm will make its intentions clearer in the coming days.
Commenting yesterday, Jimmy Kelly, the Irish regional secretary of Unite, said: “Now that a deal is being concluded, we will look to swiftly conclude the best possible deal for our members.”
“Until such time as that happens, the sit-in at the Waterford Crystal visitor centre, which has done so much to maintain morale and show to the world the passion the workers have for the past, present and future of the company, will continue,” he added.
Another union representative said that while nothing had materially changed on the jobs front at the company, things had taken a more positive turn.
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