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Ailing crystal maker to cut jobs
Source: Agencies |
January 13, 2009, Tuesday
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ADMINISTRATORS for Waterford Wedgwood, the collapsed maker of classic china and crystal, said yesterday they would cut 367 jobs from a plant in Britain.
The administrators from accountancy firm Deloitte, who were appointed to run the company under bankruptcy protection last week, added that discussions with potential buyers of Waterford Wedgwood's assets continued.
Administrators said last week that they have reached a tentative agreement with United States private equity firm KPS Capital Partners over the sale of many of the company's assets, but they provided no specific update on that prospective deal yesterday.
"The business will be continuing to trade as normal, and the administrators are continuing discussions with parties who have expressed an interest in purchasing the business," said joint administrator Angus Martin. "Every effort is being made to avoid further redundancies across the business."
The majority of the redundancies announced yesterday will come from the company's manufacturing site in Barlaston, central England. The company, which has its roots in a pottery factory in central England and a crystal factory in southeast Ireland, employs just under 2,000 people across Britain and some 7,700 worldwide.
The administrators from accountancy firm Deloitte, who were appointed to run the company under bankruptcy protection last week, added that discussions with potential buyers of Waterford Wedgwood's assets continued.
Administrators said last week that they have reached a tentative agreement with United States private equity firm KPS Capital Partners over the sale of many of the company's assets, but they provided no specific update on that prospective deal yesterday.
"The business will be continuing to trade as normal, and the administrators are continuing discussions with parties who have expressed an interest in purchasing the business," said joint administrator Angus Martin. "Every effort is being made to avoid further redundancies across the business."
The majority of the redundancies announced yesterday will come from the company's manufacturing site in Barlaston, central England. The company, which has its roots in a pottery factory in central England and a crystal factory in southeast Ireland, employs just under 2,000 people across Britain and some 7,700 worldwide.
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