Waterford Crystal A Case Analysis :: essays research papers

Waterford CrystalWaterford ice rink was started by two brothers, George and William Penrose, in 1783. It was the some notable of all Irish crystal companies. In 1799, the Penrose brothers sold Waterford frappe to the Gatchell family. The crystal industry was prosperous until 1825. Irish glass manufacturing businesss began to slowly contiguous due to mellowed export duties, the economic depression, and a lack of capital. Waterford Glass was the last to close in 1851. It was reestablished nearly a century afterward by Charles Bacik and Bernard Fitzpatrick. In 1947, they set up a factory in Waterford, Ireland. A turning point in the companys history came in 1950 when Joe McGrath do a sizable investment in Waterford Glass. He invested the capital necessitate to convert the small crystal manufacturing company into one with the potential to puzzle a major player in the crystal industry. This investment gave his family underwrite for the next thirty-five years. Joe McGrath was co mmitted to Ireland and providing jobs for his country. He wanted to reduce the countrys advanced unemployment level. His focus for Waterford Glass was on growing the company through exports to the united States. In 1966, Joe McGraths son, rice paddy McGrath, took over management of Waterford Glass. Like his father, he was utilise to Ireland and to providing employment opportunities for the Irish. McGraths quest to provide more jobs for the Irish led him to turn the company. By 1983, the company had acquired more than thirty non-core businesses. To reflect the expansion, management changed the companys attend to Waterford Glass Group. In 1985, Paddy McGrath resigned as chairman of Waterford Glass. Concurrent with Paddy McGraths resignation, Paddy Hayes was appointed chairman and chief executive officer of Waterford Glass Group. He immediately began to sell off the non-core businesses in an effort to reduce the companys high debt level. Waterford Glasss debt was virtually elimin ated with the issue of American Depository Shares (ADS) on the United States NASDAQ market. On November 28, 1986, Waterford Glass acquired Wedgwood, a two hundred year old manufacturer and marketer of fine bone china. Paddy Hayes was named the chairman and CEO of both companies and Paddy Byrne was appointed CEO of Wedgwood. In 1989, the companys name was changed to Waterford Wedgwood. deuce-ace divisions were created as a result of this acquisition the Waterford Crystal division, the Wedgwood division, and the Creative Tableware division. In 1989, Paddy Hayes resigned from his position as chairman and CEO of Waterford