WATERFORD WEDGWOOD AND ROYAL DOULTON UK
Waterford Crystal is a trademark brand of crystal glassware, previously produced in Waterford, Ireland, though the factory there was shut down after thereceivership of Waterford Wedgwood plc in early 2009. Waterford Crystal is still produced in other locations throughout Europe, notably Germany and theCzech Republic, by the company WWRD Holdings Ltd.
History
A crystal business was originally founded in the city in 1783 by George and William Penrose; it produced extremely fine flint glass that became world-renowned. However, their company closed in 1851. In 1947, Czech immigrant Charles Bacik, grandfather of Irish senator Ivana Bacik, established a glass works in the city, due to the superb reputation of the original glassware. Aided by fellow countryman and designer Miroslav Havel, the company started operations in a depressed Ireland. By the early 1950s it had been taken over as a subsidiary of the Irish Glass Bottle company, owned by McGrath, Duggan and Freeman of the Irish Hospitals' Sweepstake, heavy investors in Irish business at that time.
Jasper Conran began designing his signature range of crystal for Waterford in 1999. The endeavour has evolved into four unique lines for Waterford and a complementary tableware collection in fine bone china for Wedgwood.
In May 2005, Waterford Wedgwood announced the closure of its factory in Dungarvan in order to consolidate all operations into the main factory in Kilbarry, Waterford City, where 1,000 people were employed by the company. The move resulted in nearly 500 Dungarvan workers losing their jobs.
The Kilbarry operation featured a tourist centre offering guided tours of the factory, a gift shop, cafe, and gallery. After the closure of that factory on Jan 30th, 2009, former employees and their families staged a sit in, hoping to prevail upon receiver Deloitte to retain those jobs. The sit in ended in March, 2009 after workers agreed to split a payment of €10m. The worker's fight to keep the factory open is chronicled in a PBS online documentary.
Waterford Crystal Limited was, until March 2009, a subsidiary of Waterford Wedgwood plc, itself formed through the acquisition by the then Waterford Glass Group of the famous pottery manufacturer Josiah Wedgwood in 1986. The last chairman was Tony O'Reilly, and the CEO John Foley. The leading shareholders of the holding company are former billionnaire O'Reilly and his family, joined in the last decade by O'Reilly's brother-in-law, Greek shipping heirPeter Goulandris. That company was forced into receivership in early 2009.
Under the receivership managed by Deloitte, ownership of most of Waterford Wedgwood plc's assets was transferred to KPS Capital Partners in March 2009. Waterford Crystal, along with Wedgwood, Royal Doulton, and other brands, were transferred to the new company WWRD Holdings Ltd. The sale did not include the factory or visitor centre in Kilbary, Ireland.
Wedgwood, strictly Josiah Wedgwood and Sons, is a British pottery firm, founded on May 1, 1759 by Josiah Wedgwood, which in 1987 merged withWaterford Crystal, creating Waterford Wedgwood, the Ireland-based luxury brands group. The company still exists as a subsidiary within the group, with its own board of directors and management team. Wedgwood is also used as a general term to describe the company's main products.
In January 2009, following years of financial problems at group level, and after a share placement failed during the global financial crisis of 2008, Wedgwood was placed into administration. Three months later in March KPS Capital Partners announced it would invest €100m and move jobs to Asia to cut costs and return the firm to profit.
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