TRADE UNION representatives are “cautiously optimistic” that the company bidding for Waterford Wedgwood will maintain operations at its home base.
Waterford Wedgwood’s banks placed it in receivership two weeks ago with a deficit of over €330 million. Receiver David Carson of Deloitte hopes to sell it as a going concern.
Officials from trade union Unite met with US bidder KPS Capital on Thursday to discuss its plans for the troubled crystal and luxury tableware group.
In a statement issued at the weekend, Unite regional organiser Walter Cullen said the talks covered a wide range of issues, including the future of its manufacturing operations at Kilbarry, Waterford, outstanding agreements with the company and the group’s €111 million pension deficit.
“We advised our members today that this is the beginning of a process through which we hope to secure a future for the company in Waterford,” Mr Cullen said.
His colleague, Irish regional secretary Jimmy Kelly, a former Waterford Crystal craft worker, added: “All sides recognise this and need to be willing to make whatever effort is required to give at least the hope of a positive outcome.”
Private equity fund KPS Capital signalled its interest in the Waterford Wedgwood Group last week.
Representatives of the firm met with the union and Government Ministers last week.
Waterford Wedgwood employs 800 people in Ireland, and operates the Wedgwood and Royal Doulton businesses in the UK as well as Rosenthal Porcelain in Germany.
Its former non-executive chairman, Sir Anthony O’Reilly, and his brother-in-law, Peter Goulandris, own over 50 per cent of the company, in which they have invested €400 million.
