Category: Archive

Crystal bids

February 17, 2011

By Staff Reporter

Waterford Wedgwood’s lenders, including Bank of America, appointed David Carson of Deloitte in Dublin as receiver after the group failed to meet repayments due on its bank loans.
New York-based investment firm Clarion Capital, and private equity fund KPS Capital, are in separate talks with Carson and it is understood both firms are seeking to buy the entire group which comprises Waterford Crystal in Ireland, Wedgwood and Royal Doulton china manufacturers in Britain, and Rosenthal porcelain in Germany.
Clarion emerged as a potential buyer last week and met both David Carson and representatives of Irish trade union, UNITE, to outline its proposals.
The New York-based firm only made a formal bid late on Saturday and continued its talks with Carson at the outset of this week.
KPS signaled its interest in buying Waterford Wedgwood shortly after the group’s banks placed it in receivership a month ago. It has also met trade union representatives to discuss its plans.
Carson was forced to shut down production at the firm’s Irish headquarters in Kilbarry, Waterford City on Friday, with the loss of 480 jobs.
The move sparked a sit-in protest by workers who have vowed not to leave until manufacturing at the plant, for years a must-see for American tourists, is resumed.
It has since emerged that the receiver borrowed a further

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