Union bosses to discuss Waterford Crystal rescue offer
Trade union chiefs will hold talks tomorrow with a US-based investment group lining up a potential rescue offer for troubled Waterford Crystal.
Officials from Unite will meet representatives of investment group Clarion, who have tabled a proposal which could possibly see manufacturing continue in Ireland.
Regional secretary Jimmy Kelly said the challenges of protecting the iconic firm’s future in the country should not be underestimated.
“While we remain cautiously optimistic, we do not underestimate the challenges ahead if we are to secure an agreement which protects the interests of all our members,” he said.
Clarion is the second potential investor to express an interest after New York-based KPS Capital Partners.
“We remain particularly cautious given the expressed position of the Receiver that should either KPS or Clarion not be in a position to conclude a deal, it will not be economically viable to retain the Company in Receivership,” Mr Kelly said.
The terms of Clarion’s proposal have not been detailed. Union officials also cautioned that they were not clear about the intentions and motivations of the investors.
The union is also planning to hold meetings with the Government to discuss the proposal before calling in workers.
