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US company takes over Wedgwood | US company takes over Wedgwood |
(20 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, the US-based private equity firm, will acquire most of the firm's UK and overseas assets. | KPS Capital Partners, the US-based private equity firm, will acquire most of the firm's UK and overseas assets. |
It is not clear what will happen to the firm's UK production. There were fears it could be moved to Indonesia. | It is not clear what will happen to the firm's UK production. There were fears it could be moved to Indonesia. |
"We are pleased to announce that we have signed a contract with KPS Capital Partners," said Angus Martin, a partner with the firm's administrator Deloitte. | "We are pleased to announce that we have signed a contract with KPS Capital Partners," said Angus Martin, a partner with the firm's administrator Deloitte. |
KPS is buying a range of businesses under the Waterford group, including Royal Doulton and Waterford Crystal. | KPS is buying a range of businesses under the Waterford group, including Royal Doulton and Waterford Crystal. |
Call to protect jobs | |
Stoke-on-Trent mayor Mark Meredith called on KPS Capital to maintain jobs and production in the city. | |
"Wedgwood belongs in Stoke-on-Trent," he said. | |
"I will be seeking urgent talks with the new owners so we can work for the good of the company and the city," he added. | |
The iconic company, founded in 1759, went into administration on 5 January. | The iconic company, founded in 1759, went into administration on 5 January. |
In 1987, it merged with the well-known Irish brand Waterford Crystal to create Waterford Wedgwood. | In 1987, it merged with the well-known Irish 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 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. | 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. | Elsewhere, the firm employs 5,800 people. Indonesia is the largest manufacturing centre, with 1,500 people working on production. |