The German porcelain company Rosenthal, which last week approved the proposal to allow the Anglo-Irish firm Waterford Wedgwood Plc to take a 9.1% stake in the company, should return to the black this …
The German porcelain company Rosenthal, which last week approved the proposal to allow the Anglo-Irish firm Waterford Wedgwood Plc to take a 9.1% stake in the company, should return to the black this year. A small profit and zero growth in sales are projected for 1997 by the loss-making German company. Since Rosenthal had been suffering declining sales, zero growth would, in fact, represent an improved trend. Chairman, Mr. Ottmar Kuesel, said in a statement that a restructuring of the company would continue and this would involve the strategic alliance with Waterford Wedgwood. Rosenthal reported sales of DM 330 million in 1995 down DM 17.5 million on the previous year. In 1996 sales dropped by three percentage points. As reported in last week“s Glassonline World News, the company“s shareholders approved the alliance at a recent extraordinary general meeting. The stake is costing Waterford Wedgwood UK 3 million. Waterford Wedgwood has an option to acquire a further 15%, at varying dates and prices, up to 31 December 2000.