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US company takes over Wedgwood | US company takes over Wedgwood |
(10 minutes later) | |
Waterford Wedgwood, which went into administration earlier this year, has been sold to a US private equity firm. | Waterford Wedgwood, which went into administration earlier this year, has been sold to a US private equity firm. |
The iconic but debt-laden company, which is known for its Wedgwood pottery, Royal Doulton and Waterford crystal, was hit hard by the downturn. | The iconic but debt-laden company, which is known for its Wedgwood pottery, Royal Doulton and Waterford crystal, was hit hard by the downturn. |
KPS Capital Partners, a US-based private-equity firm, will acquire both the UK and overseas assets of the firm. | KPS Capital Partners, a US-based private-equity firm, will acquire both the UK and overseas assets of the firm. |
Much of Waterford Wedgwood's UK production is expected to move to Indonesia as a result of the deal. | Much of Waterford Wedgwood's UK production is expected to move to Indonesia as a result of the deal. |
The iconic company, founded in 1759, went into administration on 5 January. | |
In 1987, it merged with the well-known brand Waterford Crystal to create Waterford Wedgwood. | |
The firm employed 1,900 staff in the UK and 600 at its factory in Barlaston, Stoke-on-Trent, but has announced 367 redundancies. | |
The Irish section of the firm has about 800 staff based in Waterford. | |
Elsewhere, the firm employs 5,800 people. Indonesia is the largest manufacturing centre, with 1,500 people working on production. |