The new owners of crockery and glassware company Waterford Wedgwood will pump €100m (£92.5m) into the business and embark on an aggressive growth strategy.
The business, which collapsed into administration in January, was yesterday bought by US private equity firm KPS via newly formed company WWRD Holdings.
According to The Telegraph, WWRD Holdings bought Waterford Wedgwood for around €800m (£740.1m) of legacy liabilities.
Along with its UK and Irish assets, its international assets were also bought, including those in North America, Japan, Indonesia, Hong Kong, Taiwan, Singapore and Australia.
WWRD chief executive Pierre de Villemejane said: “This is the beginning of an exciting era for Waterford Wedgwood. We look forward to building on the company's world-renowned brands and incomparable heritage, premier designers and strong customer relationships. Our exclusive focus will be on providing our customers with the most innovative, fashionable and quality products in the world.
“We intend to grow the company organically and through acquisition, leveraging our capital strength and the pre-committed acquisition facility contained in our bank financing. We believe that our primary competitors are generally undercapitalised and regionally focused, presenting a significant opportunity to consolidate the industry worldwide.”
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