Workers at Waterford Crystal have been told that only 240 jobs will be saved by the private equity firm which is close to buying the company.

A mass meeting of staff ended just after 5pm.

Workers have been told that that Bank of America, which effectively owns the company, is willing to give €10m to be shared out amongst 800 current and former employees.

Many workers attending a mass meeting of employees this evening described the offer as derisory and insulting.

Some said the offer amounts to around €12,000 per person.

The meeting also heard that New York based private equity firm KPS is the front runner to buy Waterford Wedgewood but that the most jobs being guaranteed at present by them is 120, with another 120 on rolling six month contracts.

Before Christmas, there were close to 800 people working at the Kilbarry facility.

Union representatives said talks are ongoing regarding the continuation of some stemware glass production in Waterford.

Unions say the government must also deliver on pension deals with staff and former staff.

The meeting voted to continue the occupation and to allow union representatives three to four days to come up with a formula for payments to employees and those made redundant recently.