EMCC European Monitoring Centre on Change

Waterford Crystal

Company/Organisation:
Waterford Crystal

Geographic Location

Country: Ireland
Region: South-East (IRL); Southern and Eastern
Location of affected unit(s): Waterford

Company

Sector: Manufacturing
Manufacture of rubber and plastics products, and other non-metallic mineral products
23 - Manufacture of other non-metallic mineral products
Number Employed: 480
Group: Wedgwood

Employment Effects

Announcement Date: 30-01-2009
Planned Job Reductions min: 480
Planned Job Reductions max: 480
Type of Restructuring: Bankruptcy
Direct Dismissals: 480

Additional Information

On 30 January, a receiver from Deloitte Touche sent letters to almost 500 Waterford Crystal workers to inform them that they were being made redundant due to the serious financial problems besetting the troubled glass manufacturing plant, which was once one of Ireland's flagship indigenous companies. However, as of early February 2009, there were hopes of a new buyer emerging, possibly Clarion Capital Partners (a private equity firm); which could, if it proceeds, result in 300 jobs being saved at the plant. Workers have been staging a sit-in protest at the factory. 

For further information, see EIRO report.

The Irish authorities applied for aid from the European Globalisation Restructuring Fund (ERF) and it is currently being implemented.