Luxury goods group Waterford Wedgwood has announced plans to raise just under €154m through the issue of new shares.
It says the proceeds will be used to implement an accelerated programme of cost-cutting, to reduce debt and to increase advertising and marketing of its brands.
Chairman Dr Tony O'Reilly and deputy chairman Peter Goulandris have committed to subscribing for €60m worth of shares.
The company said a three-year cost restructuring programme would be outlined in a prospectus to be issued to shareholders later this week. Dr O'Reilly said this would be 'wider and deeper across the organisation than any before it', targeting around €78m a year in cost savings.
The plan will include proposals to continue and accelerate the transfer of production to the group's ceramic manufacturing facility in Indonesia and to other 'outsourcing partners' around the world.
Waterford Wedgwood earlier this year reported pre-tax losses of €241.6m for the year ending April 5.
