Glassware and ceramics maker Waterford Wedgwood has been sold to Finland’s Fiskars for $437 million (£283 million) just six years after it collapsed under a mountain of debt.
The company, whose brands also include Royal Doulton, was saved by US turnaround specialist KPS Capital Partners in 2009 having run into difficulties under the ownership of Tony O’Reilly, once Ireland’s richest man.
Since then KPS has overhauled its structure under a new holding company, installed a new management team and expanded into areas like Asia which now accounts for about 40% of its sales.
Brand ambassadors include designer John Rocha and model Miranda Kerr.
“I have never encountered such a shattered business. Every aspect of the company was broken,” said Michael Psaros, managing partner at KPS.
“It had great brands but needed a complete manufacturing turnaround.
“The success of the business has saved about 3800 jobs and we are delighted to sell to Fiskars, which has a 365-year history and its own unique legacy and heritage.”
Wedgwood was founded by Josiah Wedgwood in Stoke-on-Trent in 1759 and joined forces with Ireland’s Waterford Glass Group in 1986.
