Waterford Wedgwood facts for kids
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| Public limited company | |
| Industry | China, porcelain and glass manufacture |
| Fate | Assets purchased by KPS Capital Partners |
| Successor | WWRD Holdings Limited |
| Founded | 1987 |
| Defunct | 2009 |
| Headquarters | Waterford, Ireland |
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Key people
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Tony O'Reilly (lead shareholder, Chairman 1995–2009) Peter Goulandris |
| Subsidiaries | Waterford Crystal Wedgwood Rosenthal Royal Doulton Cashs of Ireland |
Waterford Wedgwood plc was a big company group based in Ireland. It was famous for making really nice china, porcelain, and glass items. Think fancy plates, cups, and beautiful glass decorations!
This group of companies was largely owned by Tony O'Reilly and his family. They, along with his second wife's family, put a lot of money into the business. The company had some ups and downs with its money over the years. They also tried to save money by cutting costs for a long time.
In 2009, some parts of the company, especially the main businesses in Ireland and the UK, faced serious financial trouble. An expert was brought in to manage their assets. These parts were then bought by KPS Capital Partners, a company from New York. Famous brands like Waterford Crystal, Wedgwood, and Royal Doulton became part of a new company called WWRD Holdings Limited. The letters WWRD stand for "Waterford Wedgwood Royal Doulton." Later, in 2015, a Finnish company called Fiskars bought WWRD Holdings Limited.
The Story of Waterford Wedgwood
The company started in 1987. It was created when two famous companies, Waterford Crystal and Wedgwood, joined together. Their goal was to form a group of luxury brands based in Ireland. The history of these companies goes back a long way, even to the 1780s!
The main companies in the group were Waterford Crystal, which included brands like Waterford and Marquis by Waterford. Then there was Wedgwood (officially Josiah Wedgwood and Sons), with all its Wedgwood brands. And finally, the English company Royal Doulton. The group also let other companies use their brand names for certain products.
When the Company Faced Problems
In the year leading up to April 2008, the company's sales went down. They also lost a lot of money. Because of these money problems, the CEO, Peter Cameron, left his job in April 2008. David Sculley took over as the new CEO.
The company tried hard to cut down on costs. Between 2005 and 2008, about 4,000 jobs were cut or were in the process of being cut. In October 2008, the company's share price dropped very, very low.
By January 2009, the company was in deep financial trouble. Tony O'Reilly Jr. said they were talking to a US company about a rescue plan. This plan would mean moving most of their production from the UK and Ireland to Indonesia.
On January 5, 2009, David Sculley announced that Waterford Wedgwood was officially put into receivership. This means an expert was put in charge to try and sort out the company's money problems because it couldn't find a buyer.
Workers and union members were very upset. They protested at the company's offices in Dublin and at the Kilbarry Plant. They were protesting because a bank stopped giving the company money, which threatened 480 jobs. The workers wanted the government to take over the company or for a buyer to be found so jobs could be saved.
On February 27, 2009, the expert managing Waterford Wedgwood, David Carson, announced that KPS Capital Partners had bought "certain Irish and UK assets" of the company. This deal saved 176 jobs out of the 480 that were at risk. However, the original Waterford site was not included in this deal.
What Happened Next: WWRD Holdings
After years of money troubles and a failed attempt to get more money during the global financial crisis of 2008, Waterford Wedgwood was put into administration on January 5, 2009. About 1800 employees still remained.
On February 27, 2009, the company's manager, Deloitte, announced that KPS Capital Partners had bought some of Waterford Wedgwood's businesses in Ireland and the UK. KPS Capital Partners then put Wedgwood and other brands into a new group of companies. This new group was called WWRD, which stands for "Waterford Wedgwood Royal Doulton."
In May 2015, Fiskars, a company from Finland that makes home products, decided to buy all of WWRD. The deal was completed on July 2, 2015. This meant that brands like Waterford, Wedgwood, Royal Doulton, Royal Albert, and Rogaška became part of Fiskars. The deal was approved by the US authorities who check for fair competition.
