Filtraglass
Banner
Falorni Tech Glass Melting Technology

Waterford puts 1,600 workers on short-time

Anglo-Irish china and glassmaker Waterford Wedgwood says it will introduce short-time working for 1,600 workers at its Waterford Crystal division in response to the US downturn.
“The tragic and horr…

Anglo-Irish china and glassmaker Waterford Wedgwood says it will introduce short-time working for 1,600 workers at its Waterford Crystal division in response to the US downturn. “The tragic and horrific events of 11 September have had an immediate and severe impact on our business with a marked reduction in retail activity and widespread cancellations by Americans due to visit Ireland,“ said Waterford Crystal chief executive John Foley. “We are determined to match supply with demand, we will continue to consult our workforce about finding ways to reduce output.“ Shares in luxury goods companies have been badly hit, and Waterford Wedgwood is vulnerable because of its level of exposure to the American market. Around 44% of the company“s revenues come from the US, while some 60% of its sales in Ireland depend on visiting tourists. The firm also does the bulk of its business in the second half of the year in the run-up to Christmas. Workers at the company“s crystal factories at Waterford and Dungarvan, in the south of the Irish Republic, will be affected by the shortened working hours. The company said details were still being worked out. There was speculation in September that the company“s inventory levels of unsold crystal had risen as high as GPB 71 million. Sales of crystal in the first half totalled GPB 102.2 million.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news