Irish crystalware firm Waterford Wedgwood has reported a bid approach for its All-Clad cookware business along with flat like-for-like sales for the final quarter of 2003.
The luxury goods group said this morning it had received "unsolicited third party interest" in its All-Clad subsidiary, which sells saucepans and accounted for around 12 per cent of group first-half sales.
"The nature of the interest expressed is such that the Board will carefully consider the firm's best interests," it added.
Waterford's worldwide sales in the final quarter of 2003 were steady at 241.9 million euros, flat on the previous year, while operating margins improved to 7.7 per cent in the quarter as a result of cost cuts.
Waterford described its performance over Christmas as "satisfactory", despite sales which were concentrated in the last 10 days of December.
Strong sales in the key Japanese market contrasted with flat US turnover and a weaker European performance.
The firm said net debt as at end-December stood at 400.1 million euros, in line with expectations.