Waterford Crystal has been sold.
The receiver of the company, David Carson, announced this afternoon that KPS Capital Partners - a New-York based private equity firm - is buying certain assets and businesses of the Waterford Wedgwood Group.
A contract has been signed, under which WWRD Holdings Limited - a company newly formed by KPS - will acquire certain Irish and UK assets of Waterford Wedgwood.
It is expected that the overseas assets and businesses of Waterford, Wedgwood and Royal Doulton will all be acquired simultaneously.
The receiver and joint administrators are working with KPS to quickly complete 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.
No details have yet been worked out about whether manufacturing will continue in Waterford, or about how many jobs might be saved.
But the Unite trade union has welcomed the sale of Waterford Crystal.
Unite has been in dialogue with the receiver and with KPS since the beginning of January. In talks, the trade union has stressed the need to maintain a manufacturing facility in Waterford, the provision of compensation for those who will not be re-employed and the protection of pension entitlements for workers.
Until a deal is struck, the sit-in by workers at the Waterford Crystal visitor centre will continue, Unite said.
