Company type | Public limited company |
---|---|
Industry | Household goods |
Founded | 1987 |
Defunct | 2009 |
Fate | Assets purchased by KPS Capital Partners |
Successor | WWRD Holdings Limited |
Headquarters | , |
Key people | Tony O'Reilly (lead shareholder; chairman 1995–2009) Peter Goulandris |
Products | Ceramics and glass items |
Subsidiaries | Waterford Crystal Wedgwood Rosenthal Royal Doulton Cashs of Ireland |
Waterford Wedgwood plc was an Irish holding company for a group of firms that specialized in the manufacture of high-quality porcelain, bone china and glass products, mostly for use as tableware or home decor. The group was dominated by Irish businessman Tony O'Reilly and his family, including his wife Chryss Goulandris and her family, with the two families together having invested hundreds of millions of euros in it. The group's financial record was mixed, and significant cost-cutting had been ongoing for many years.
In 2009, parts of the group, including the main Irish and UK operations, were placed into receivership [1] and acquired by KPS Capital Partners, a New York–based private equity firm. Waterford Crystal and Wedgwood, along with Royal Doulton and other brands, were transferred to a new company named WWRD Holdings Limited (with WWRD as an acronym for 'Waterford Wedgwood Royal Doulton'). [2] In July 2015, WWRD Holdings was acquired by Fiskars, a Finnish consumer goods company. [3]
The company was founded in 1987 through the merger of Waterford Crystal and Wedgwood, to create an Ireland-based luxury brands group. The firm traced its heritage to the 1780s. [4] The group's constituent companies were Waterford Crystal, with brands including Waterford, Marquis by Waterford and a number of Waterford-designer cooperations, Wedgwood (Josiah Wedgwood and Sons), with the range of Wedgwood brands, and English Royal Doulton. The group also licensed its brands to other companies.[ citation needed ]
Private investment company Oak Point Partners acquired the remnant assets, consisting of any known and unknown assets that weren't previously administered, from the Waterford Wedgwood USA, Inc., et al., Bankruptcy Estates on 8 December 2017. [5]
Sales for the year to 5 April 2008 were €671.8 million, down 9.4% year-on-year. Losses were €231.1 million, up from €71.3 million in the previous year. On 2 April 2008, the CEO, Peter Cameron (previously COO, and prior to that CEO of acquisition All-Clad), resigned, and was replaced by David Sculley. Operational costs were reduced, with around 4,000 jobs removed or in the process of being removed between early 2005 and late 2008. In October 2008, the shares fell to .001 euro cent. [6] Following the failure of the 2008 share issue and the subsequent defaulting of bank covenants by the company in December 2008, Tony O'Reilly Jr stated in January 2009 that the company was in advanced negotiations with a US private equity company concerning a rescue package, which would result in the bulk of the company's production moving away from the UK and Ireland to Indonesia (where the company already has some production facilities. On 5 January 2009, David Sculley, chief executive officer of Waterford Wedgwood PLC, announced that Waterford Wedgwood had been put into receivership after the heavily indebted firm had failed to find a buyer. [1] Union members organized and occupied the Dublin offices lobby and the Kilbarry Plant protesting the withdrawal of credit lines by The Bank of America and threatened 480 redundancies. Their aim, according to blogger, Fiona Harrington "to either have the company nationalised, or to maintain it as a going concern until a buyer can be found." [7]
On 27 February 2009, Waterford Wedgwood's receiver, David Carson of Deloitte, announced that the New York–based private equity firm KPS Capital Partners had purchased "certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries." 176 out of the threatened 480 jobs were saved, although the deal did not include the Waterford site. [8]
Following the resignations on 5 January 2009 of the chairman, Senior Independent Director, Lady O'Reilly and a former CEO, and of further directors on the 8th and 9th, and the departure of John Foley, the Board of Directors comprises the below. All resigning directors have also resigned from subsidiary boards.
Up to 5 January 2009, the Board of Directors comprised the below, many having served for a decade or more:
On 5 January 2009, following years of financial problems at the group level, and after a share placement failed during the global financial crisis of 2008, Waterford Wedgwood was placed into administration [9] on a "going concern" basis, with 1800 employees remaining. On 27 February 2009, Waterford Wedgwood's receiver, Deloitte, announced that the New York–based private equity firm KPS Capital Partners had purchased "certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries" in a transaction expected to be completed in March. [10] KPS Capital Partners placed Wedgwood into a group of companies known as WWRD, an acronym for "Waterford Wedgwood Royal Doulton".
In May 2015, Fiskars, a Finnish maker of home products, agreed to buy 100% of the holdings of WWRD. [11] On 2 July 2015, the acquisition of WWRD by Fiskars Corporation was completed, including the brands Waterford, Wedgwood, Royal Doulton, Royal Albert and Rogaška. The acquisition was approved by the US antitrust authorities. [12]
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Sir Anthony John Francis O'Reilly was an Irish businessman and international rugby union player. He was known for his try scoring in rugby, his involvement in the Independent News & Media Group, which he led from 1973 to 2009, and as CEO and chairman of the H.J. Heinz Company. He was the leading shareholder of Waterford Wedgwood and a founder and major supporter of The Ireland Funds. A citizen of both Ireland and the United Kingdom, he was knighted as a Knight Bachelor for his services to Northern Ireland.
Waterford Crystal is a manufacturer of lead glass or "crystal", especially in cut glass, named after the city of Waterford, Ireland. In January 2009, the main Waterford Crystal manufacturing base on the edge of Waterford was closed due to the insolvency of Waterford Wedgwood PLC, and in June 2010, Waterford Crystal relocated almost back to the roots of glass-making in the city centre. The Mall location holds both a manufacturing facility that melts over 750 tonnes of crystal a year – although most Waterford Crystal is now produced outside Ireland – and a visitor centre with the world's largest collection of Waterford Crystal. As of 2015, the brand is owned by the Fiskars Corporation.
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Wedgwood is an English fine china, porcelain and luxury accessories manufacturer that was founded on 1 May 1759 by the potter and entrepreneur Josiah Wedgwood and was first incorporated in 1895 as Josiah Wedgwood and Sons Ltd. It was rapidly successful and was soon one of the largest manufacturers of Staffordshire pottery, "a firm that has done more to spread the knowledge and enhance the reputation of British ceramic art than any other manufacturer", exporting across Europe as far as Russia, and to the Americas. It was especially successful at producing fine earthenware and stoneware that were accepted as equivalent in quality to porcelain but were considerably cheaper.
Royal Doulton is an English ceramic and home accessories manufacturer that was founded in 1815. Operating originally in Vauxhall, London, and later moving to Lambeth, in 1882 it opened a factory in Burslem, Stoke-on-Trent, in the centre of English pottery. From the start, the backbone of the business was a wide range of utilitarian wares, mostly stonewares, including storage jars, tankards and the like, and later extending to drain pipes, lavatories, water filters, electrical porcelain and other technical ceramics. From 1853 to 1901, its wares were marked Doulton & Co., then from 1901, when a royal warrant was given, Royal Doulton.
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Edinburgh Crystal was a cut glass manufactured in Scotland from c. 1820s to 2006, and was also the name of the manufacturing company. In addition to drinking glasses, Edinburgh Crystal made decanters, bowls, baskets, and bells, in several ranges.
WWRD may refer to:
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Anthony Cameron O'Reilly, generally known as Cameron O'Reilly, is a Dublin-born businessman with Irish and Australian citizenship, the son of an Irish father, media magnate Tony O'Reilly and an Australian mother, Susan Cameron. Having managed one of Australia's largest press groups, he is currently managing director of Landis+Gyr, formerly the Bayard Group, which includes the world's largest electricity metering supplier, and has revenues of over US$1.2 billion.
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Chryssanthie, Lady O'Reilly was a Greek-American businesswoman who was one of the richest women associated with Ireland. For many years, she owned a major horse breeding operation located in Ireland, France and other countries and was chairperson of the Irish National Stud for over a decade. She was the wife of former media and industrial magnate Tony O'Reilly, and was heavily involved with The Ireland Funds.
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Franciscan Ceramics are ceramic tableware and tile products produced by Gladding, McBean & Co. in Los Angeles, California, US from 1934 to 1962, International Pipe and Ceramics (Interpace) from 1962 to 1979, and Wedgwood from 1979 to 1983. Wedgwood closed the Los Angeles plant, and moved the production of dinnerware to England in 1983. Waterford Glass Group plc purchased Wedgwood in 1986, becoming Waterford Wedgwood. KPS Capital Partners acquired all of the holdings of Waterford Wedgwood in 2009. The Franciscan brand became part of a group of companies known as WWRD, an acronym for "Wedgwood Waterford Royal Doulton." WWRD continues to produce the Franciscan patterns Desert Rose and Apple.
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WWRD Holdings Limited is a company that was created by KPS Capital Partners in 2009 out of the remains of Irish firm Waterford Wedgwood plc, and it has been owned since 2015 by Finnish home products maker Fiskars. The company owns Waterford Crystal, Wedgwood and Royal Doulton, among other brands, and the name WWRD is an acronym for 'Waterford Wedgwood Royal Doulton'.