Waterford Crystal cuts 1,400 jobs worldwide

Up to 170 jobs are to go through voluntary redundancy at Waterford Crystal following an announcement by the Waterford Wedgewood Group that it is axing 1,400 jobs worldwide.

The majority of the cuts will be in Britain, with the remainder in Germany, Australia, Japan and the US.

Chief executive Redmond O'Donoghue said he hoped most cuts would be made through attrition, early retirement and voluntary redundancies, although he could not rule out compulsory redundancies. Prior to today's cuts the group employed around 10,000 staff.

Waterford said the cuts were vital to underpin longer-term profitability for the group, while maintaining as many jobs as possible.

Mr O'Donoghue said: "It is a very tough market out there. Tough times require decisive action."

He said economic conditions were "extraordinarily challenging", compounded by September 11, adding "these challenges are unprecedented in our business lives".

However he said: "When people get over the initial shock, I think gift giving will return and our brands and products are ideally suited to be those gifts."