Wedgwood goes West

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Wedgwood pottery, one of the UKÔÇÖs most iconic brands, has been acquired by a US private equity firm along with Irish glass maker Waterford Crystal.   Wedgwood, founded in 1759, merged with Waterford Crystal in 1987 to create Waterford Wedgwood, but sales have plummeted in recent years and the company has been in administration since 5 January this year.   Now New York-based private equity firm KPS Capital Partners is to buy most of the companyÔÇÖs UK and overseas assets, including Wedgwood pottery, Royal Doulton and Waterford crystal.   Deloitte administrator Angus Martin said the acquisition of the overseas assets and businesses of Waterford, Wedgwood and Royal Doulton would take place simultaneously, while the acquisition of the brands' assets in the UK and Ireland depended on the conclusion of the overseas transactions. "Completion is subject to customary closing conditions and is expected in March,ÔÇØ he said.   While the acquisition secures the businesses, however, the future of the remaining jobs in Stoke-on-Trent and Waterford remains in doubt. After assuming control in January, Deloitte made 359 workers at WedgwoodÔÇÖs factory in Barlaston, Staffordshire redundant.   Members of the Wedgwood family mounted a rival bid for the ceramics arm of the business and promised to maintain manufacturing at the factory in Barlaston, but employees fear that KPS may move it overseas, possibly to Indonesia, where there are already sizeable production facilities employing 1500 people.   In Stoke, both the mayor and the Unity union have called on KPS to keep manufacturing in the city. The union says it "will be sitting down as soon as possible with people representing KPS to find out what their intentions are towards the UK."     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *