Waterford Crystal - History

History

A crystal business was originally founded in the city in 1783 by George and William Penrose; it produced extremely fine flint glass that became world-renowned. However, their company closed in 1851. In 1947, Czech immigrant Charles Bacik, grandfather of Irish senator Ivana Bacik, established a glass works in the city, due to the superb reputation of the original glassware. Aided by fellow countryman and designer Miroslav Havel, the company started operations in a depressed Ireland. By the early 1950s it had been taken over as a subsidiary of the Irish Glass Bottle company, owned by Joseph McGrath, Richard Duggan and Spencer Freeman of the Irish Hospitals' Sweepstake, heavy investors in Irish business at that time.

Jasper Conran began designing his signature range of crystal for Waterford in 1999. The endeavour has evolved into four unique lines for Waterford and a complementary tableware collection in fine bone china for Wedgwood in 2001. In May 2005, Waterford Wedgwood announced the closure of its factory in Dungarvan in order to consolidate all operations into the main factory in Kilbarry, Waterford City, where 1,000 people were employed by the company. The move resulted in nearly 500 Dungarvan workers losing their jobs.

Waterford Crystal Limited was, until March 2009, a subsidiary of Waterford Wedgwood plc, itself formed through the acquisition by the then Waterford Glass Group of the famous pottery manufacturer Josiah Wedgwood in 1986. The last chairman was Tony O'Reilly, and the CEO John Foley. The leading shareholders of the holding company were former billionaire O'Reilly and his family, joined in the last decade by O'Reilly's brother-in-law, Greek shipping heir Peter Goulandris. Waterford Wedgwood was forced into receivership in early 2009. On 5 January 2009, news of the receivership of Waterford Wedgwood Ltd. was announced in Ireland and the UK.

On 30 January 2009 it was announced that the Waterford Crystal plant in Kilbarry was to shut down immediately, despite earlier promises to discuss any such move with the unions in advance. The Kilbarry operation featured a tourist centre offering guided tours of the factory, a gift shop, café, and gallery. Many of the employees performed an unofficial sit-in The sit-in made the BBC News, hoping to prevail upon receiver Deloitte to retain those jobs. On 4 February 2009, there were protests across the city at how the workers were being treated. On 27 February 2009, the receiver, David Carson of Deloitte, confirmed US equity firm KPS Capital were to purchase certain overseas assets and businesses of the Waterford Wedgwood Group. The sit in ended in March, 2009 after workers agreed to split a payment of €10m. The fight by the workers to keep the factory open is chronicled in a PBS online documentary.

Under the receivership managed by Deloitte, ownership of most of Waterford Wedgwood plc's assets was transferred to KPS Capital Partners in March 2009. Waterford Crystal, along with Wedgwood, Royal Doulton, and other brands, were transferred to the new company WWRD Holdings Ltd. The sale did not include the factory or visitor centre in Kilbary, Ireland. The visitor centre shut its doors on 22 January 2010. A new visitor and manufacturing facility opened in June 2010.