Waterford Crystal bought by equity firm

Friday 27 February 2009 23.10
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Waterford Crystal - Bought by New York-based firm KPS Capital
Waterford Crystal - Bought by New York-based firm KPS Capital
Wedgwood - Pottery factory in Stoke-on-Trent
Wedgwood - Pottery factory in Stoke-on-Trent

Waterford Wedgwood's Irish and UK units have been bought by private US equity firm KPS Capital.

The receiver, David Carson of Deloitte, confirmed KPS is purchasing certain overseas assets and businesses of the Waterford Wedgwood Group.

It is expected that the completion of the acquisition of the overseas assets and businesses of Waterford Crystal, Wedgwood and Royal Doulton will take place simultaneously.

The acquisition of the assets is conditional on satisfactory conclusion of the overseas transactions.

The receiver and joint administrators are working with KPS to expeditiously close the Irish and UK transaction and the acquisitions of the overseas assets and businesses.

Completion is subject to customary conditions and is expected in March.

The companies went into receivership and administration respectively on 5 January 2009.

It is exactly four weeks since security guards hired by Mr Carson tried to lock the doors of the Waterford Crystal Visitor Centre in Kilbarry in Waterford.

Since then, staff and former employees have been involved in a sit-in.

However, workers do not yet know how many of the 600 or so jobs will be saved.