Waterford Wedgwood to sell property for EUR 33 million

Luxury crystal and porcelain maker Waterford Wedgwood PLC said it has agreed to sell an 8.9 hectare property in Waterford to a private developer for EUR 32.9 million.
The property is underutilised la…

Luxury crystal and porcelain maker Waterford Wedgwood PLC said it has agreed to sell an 8.9 hectare property in Waterford to a private developer for EUR 32.9 million. The property is underutilised land around the Waterford Crystal Sports and Social Centre. The firm plans to use the receipts from the sale for general corporate purposes particularly at Waterford Crystal. Earlier in May 2005, the company announced it had launched a GBP 100 million rights issue in order to fund a major restructuring programme. The aim of the programme, which will cost around EUR 90 million, is to produce annualised cost savings of EUR 90 million.