Struggling maker of Wedgwood china, Waterford crystal shifts to low-cost Asia amid sale talks For more than two centuries, Waterford crystal and Wedgwood china have been symbols of Irish and British craftsmanship. Now, their future may lie in Asia.
JAKARTA, Indonesia (Associated Press) -- For more than two centuries, Waterford crystal and Wedgwood china have been symbols of Irish and British craftsmanship. Now, their future may lie in Asia. Drowning in red ink, the storied brands, which merged in 1986, have moved most ceramics production to Indonesia to cut costs and now plan the same fate for crystal manufacturing. Their headquarters may soon follow. Short of funds for operations and loan payments, Waterford Wedgwood PLC is in advanced talks to sell a controlling stake to a U.S. private equity fund for roughly 600 million euros ($846 million) in cash and assumed debt, three people briefed on the negotiations told The Associated Press late last week.
The prospective new owners may move the company's management and possibly its headquarters to Indonesia, one of the sources said. Its shares have collapsed to one-tenth of a euro cent on the Irish Stock Exchange.
Last edited by Wesley; 12-30-2008 at 10:50 PM.
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