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05/01/2010
Waterford Crystal Sale Shatters Hopes
Former staff hoping to get back to their jobs at Waterford Crystal have seen their hopes shattered as the site goes up for sale today.
Bankruptcy officials closed the crippled factory in January 2009 and now a receiver, appointed a year ago, has decided to put the 36-acre site at Kilbarry, near Waterford city, on the market, ending hopes of reviving crystal production there.
The crushing news for the workers also means an end to a 60 years legacy of lead-crystal production in the southeast city of Waterford.
According to American news network CNBC, the new owners of the Waterford brand, KPS Capital Partners of New York, have already shifted production to Germany and Eastern Europe.
The news is all the more heartbreaking for the community now out of work as it was originally thought that the new owners, the KPS Capital Partners group, would save the plant and step in to protect the business from collapse.
David Carson, the Irish accountant handling the dismantling of Waterford Crystal's Irish operations, said the factory is being offered for sale as a development site rather than as a continuing operation. Currently the old site includes the Waterford Crystal visitor centre, and is valued between €10m and €20m.
The rest of Waterford Wedgwood's businesses were sold to a US investment firm last February, which now produces crystal under the Waterford brand in Germany.
(DW/BMcC)
Bankruptcy officials closed the crippled factory in January 2009 and now a receiver, appointed a year ago, has decided to put the 36-acre site at Kilbarry, near Waterford city, on the market, ending hopes of reviving crystal production there.
The crushing news for the workers also means an end to a 60 years legacy of lead-crystal production in the southeast city of Waterford.
According to American news network CNBC, the new owners of the Waterford brand, KPS Capital Partners of New York, have already shifted production to Germany and Eastern Europe.
The news is all the more heartbreaking for the community now out of work as it was originally thought that the new owners, the KPS Capital Partners group, would save the plant and step in to protect the business from collapse.
David Carson, the Irish accountant handling the dismantling of Waterford Crystal's Irish operations, said the factory is being offered for sale as a development site rather than as a continuing operation. Currently the old site includes the Waterford Crystal visitor centre, and is valued between €10m and €20m.
The rest of Waterford Wedgwood's businesses were sold to a US investment firm last February, which now produces crystal under the Waterford brand in Germany.
(DW/BMcC)
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