| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


Waterford Wedgwood's request for State guarantees for loans up to €39 million have been rejected by the Government
By Finfacts Team
May 21, 2008 - 5:56:20 AM

Email this article
 Printer friendly page

Waterford Wedgwood's request for State guarantees over loans worth up to €39 million has been rejected by the Government on fears of creating a precedent for other firms facing financial difficulty.

The Government has however signalled that it is prepared to support the loss-making company in any other way that it could.

The luxury goods manufacturer Waterford Wedgwood is reported to be examining a number of options for its crystal business but the likelihood of maintaining a manufacturing plant in Ireland is doubtful. The company's factory at Kilbarry, Co Waterford, is currently eliminating 490 jobs this year and the medium term prospects of the remaining 550 workers, is bleak.

Waterford Crystal announced plans last week to close its plant in Waterford for three weeks over the next two months.

Waterford Wedgwood had net debts of €473.4 million in September 2007 and its principal shareholders Sir Anthony O'Reilly and his brother-in-law Peter Goulandris, have invested €300 million in the group in recent years.

In the two years to March 31st 2007, the company lost €260 million and it announced last November that it was cutting 490 jobs at the crystal-manufacturing plant.

Years before investing in Waterford Crystal in the late 1980's, O'Reilly often spoke about the need for Ireland to create global brands. However, prosperity in the interval, has been provided by the big names of American business. At the consumer level, in recent decades, Ryanair is the only significant international brand that has been spawned in Ireland.

Waterford Crystal had about 3,200 staff in Waterford in the late 1980s.

Glass making in Waterford dates from 1783 and in 1947, Czech immigrant Charles Bacik, grandfather of Irish Senator Ivana Bacik, opened a glass works in the city because of the reputation of the original glassware. In the early 1950s, the operation was acquired by the Irish Glass Bottle company, which was controlled by the McGrath family who also operated the Irish Sweepstakes.

Waterford Wedgwoodrecently claimed that Government assistance would be akin to the public bailouts of Northern Rock in Britain, Bear Stearns in the US and the rescue in the 1980s of Insurance Corporation of Ireland.

John Foley, chief of the Waterford Crystal unit, said in 2007  that the group employs 1,300 staff in Indonesia for the same wage cost as 90 staff in Britain, itself a cheaper labour market than Ireland.

Related Articles
Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

Irish
Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%