02/03/2009 (4:00 am)
Firms vie for Waterford
DUBLIN–A U.S. private equity firm is bidding to buy Waterford Crystal and keep the iconic hand-cut glassmaker operating in Ireland, a government minister said yesterday.
Martin Cullen, who represents the city of Waterford, spoke as hundreds of laid-off glassworkers prepared for a third straight night of occupying their workplace. Bankruptcy officials ordered the factory to close on Friday because funds for paying more than 700 staff had run out. Furious workers stormed into the factory’s tourist centre and vowed not to come out until the shutdown was reversed.
Cullen said a New York-based buyout specialist, Clarion Capital Partners, made an undisclosed offer on Saturday night to the government and union leaders free credit report online.
He said Clarion officials "…clearly have a very deep interest in maintaining the plant in Waterford."
He contrasted that with last month’s bid by New York investment group KPS Capital Partners, which reportedly wants to shut down production in Ireland in favour of lower-cost Eastern Europe.