Worrying time for Waterford Crystal

FEARS were growing last night that Waterford Crystal's entire operation in Dungarvan could face closure with the loss of almost 400 jobs.

Speculation about the job losses surfaced after senior management scheduled a meeting for today with workers at the company's plants in both Dungarvan and Kilbarry.

The Amalgamated Transport and General Workers Union (ATGWU), who represent the company workers, said workers remained in the dark about their future with the company.

"We have had no details of any proposals from the company as of yet," Walter Cullen, regional industrial organiser of the ATGWU said last night.

"We only know the meetings are taking place and have heard speculation in relation to them," he added.

A spokesperson for Waterford Crystal refused to comment, saying: "I would never discuss any meeting to be held within the company."

Staff in Dungarvan were banking on renewed investment in the facility in particular towards the rebuilding of the plant's antiquated furnace in order to secure the future of their jobs.

However, this hope was dealt a blow in recent weeks following the announcement by management to defer a decision to spend an initial €300,000 on preparatory work for re-building the furnace.

Concerns are also linked to a drop in profitability at the company, with management insisting the return on sales for the crystal division is 5% lower than the 15% norm for luxury brands worldwide.

The company has implemented a number of cost-cutting initiatives over the last 18 months, which has seen hundreds of jobs shed at the Dungarvan and Waterford city plants.

Waterford Crystal has virtually halved its workforce from 3,300 in the years since it first began implementing a restructuring plan.