January 12, 2009 / 5:14 PM / 10 years ago

UPDATE 1-Waterford Wedgwood cuts 367 UK jobs

(Adds comment on German unit)

DUBLIN, Jan 12 (Reuters) - Irish luxury tableware maker Waterford Wedgwood WTF_u.I is to cut 367 jobs at two UK subsidiaries under administration, receivers Deloitte said, while German unit Rosenthal should be sold within weeks.

The maker of Waterford crystal in Ireland called in receivers a week ago and placed two of Britain’s most venerable china makers into administration after failing to win more time from lenders.

Josiah Wedgwood & Sons and Royal Doulton will make 245 people redundant in manufacturing and operations, 106 from administration and back office functions and 16 at visitor centres and stores, Deloitte said. The majority of the cuts, made out of a total 1,868 jobs across the group’s British operations, will be at its Barlaston plant north of Birmingham, Waterford Wedgwood said.

“The business will be continuing to trade as normal, and the administrators are continuing discussions with parties who have expressed an interest in purchasing the business,” Joint Administrator Angus Martin said in a statement.

In Germany, the insolvency administrator of Waterford Wedgwood’s porcelain-making unit Rosenthal said on Monday the sale of the company was expected within a few weeks.

The sale was about to be concluded before Rosenthal had to file for insolvency and while the new legal situation has delayed it, the unnamed investor was still interested, a spokeswoman for administrator Volker Bohm said.

“There is an overall interest to close (the deal) quickly,” the spokeswoman said. She declined to elaborate on the identity of the investor.

Domestic peers Villeroy und Boch (VIBG_p.DE) and BHS Tabletop BHSG.DE have said they are not interested. German china makers Meissen and Nymphenburg declined to comment.

Deloitte said last week that U.S. private equity group KPS Capital Partners were to buy some Waterford Wedgwood assets. (Reporting by Andras Gergely and Jens Hack; Editing by Rupert Winchester and Dan Lalor)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below