WWRD Holdings Limited

From Wikipedia, the free encyclopedia
  (Redirected from WWRD Group Holdings)
Jump to navigation Jump to search

WWRD Holdings Limited
Public limited company
IndustryChina, porcelain and glass manufacture
PredecessorWaterford Wedgwood
Founded2009
SubsidiariesWaterford Crystal
Wedgwood
Royal Doulton
Royal Albert
Rogaška

WWRD Holdings Limited is a firm created in 2009 out of the remains of Waterford Wedgwood by KPS Capital Partners; it has been owned since 2015 by Finnish home products maker Fiskars. It owns Waterford Crystal, Wedgwood, and Royal Doulton. The name is an acronym for "Waterford Wedgwood Royal Doulton".[1]

History[edit]

On 5 January 2009, following years of financial problems at the group level, and after a share placement failed during the global financial crisis of 2008, Waterford Wedgwood was placed into administration[2] on a "going concern" basis, with 1800 employees remaining. On 27 February 2009, Waterford Wedgwood's receiver, Deloitte, announced that the New York-based private equity firm KPS Capital Partners had purchased "certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries" in a transaction expected to be completed in March.[3]

In March 2009, KPS Capital Partners announced that it had acquired group assets in a range of countries, including the UK, USA and Indonesia, would invest €100 million, and move a number of jobs to Asia to cut costs and return the firm to profitability.[4] In a move that had begun under the previous owners, some 1500 jobs were cut in the UK, leaving 800 workers in the UK producing only the high-end Wedgwood products.[5] KPS Capital Partners placed Wedgwood into a group of companies known as WWRD, an acronym for "Waterford Wedgwood Royal Doulton".

In May 2015 Fiskars, a Finnish maker of home products, agreed to buy 100% of the holdings of WWRD on 11.[6] On 2 July 2015, the acquisition of WWRD by Fiskars Corporation was completed, including the brands Waterford, Wedgwood, Royal Doulton, Royal Albert and Rogaška. The acquisition was approved by the US antitrust authorities.[7]

References[edit]

  1. ^ "WWRD Holdings Limited acquires the assets of Waterford, Wedgwood, and Royal Doulton". KPS Capital Partners. 26 March 2009. Archived from the original on 9 January 2010. Retrieved 23 January 2010.
  2. ^ "Wedgwood goes into administration". BBC. 5 January 2009.
  3. ^ "Waterford Wedgwood bought by US equity firm KPS Capital". The Irish Times. 27 February 2009. Retrieved 27 February 2009.
  4. ^ Arnold, Martin (26 March 2009). "New Wedgwood owner to invest €100m". Financial Times. London. Retrieved 26 March 2009.
  5. ^ "Waterford Wedgwood shifts to Asia to save company | The Jakarta Post". thejakartapost.com. 2012. Archived from the original on 8 December 2012. Retrieved 19 April 2012.
  6. ^ Bray, Chad. "Fiskars Agrees to Buy Owner of Waterford and Wedgwood". New York Times. Retrieved 11 May 2015.
  7. ^ "Fiskars Corporation has completed the acquisition of WWRD and extended its portfolio with iconic luxury home and lifestyle brands". NASDQ Global News Wire. Retrieved 6 July 2015.