Irish crystal, chinaware and luxury goods firm Waterford Wedgwood Plc said it will pay US$ 9.5 million in an all-share deal for 86.5% of Ashling Corporation, a designer of table and bed linens, from F…
Irish crystal, chinaware and luxury goods firm Waterford Wedgwood Plc said it will pay US$ 9.5 million in an all-share deal for 86.5% of Ashling Corporation, a designer of table and bed linens, from Fitzwilton Ltd. Waterford said there is an additional US$ 2.6 million maximum to be paid in 2002, depending on the level of operating profit in the year ending 31Dec 2001. Waterford said it expects the buy to be earnings-enhancing in 2001. Redmond O“Donoghue, President and COO of Waterford Wedgwood, commented: “It is only very strong brands that can move beyond their core categories. Our brands have achieved this successfully in Japan and America. This acquisition allows us to build aggressively on these exciting foundations. Ashling gives us an even more meaningful position in the world of linens and textiles and we will extend this category into new markets.”