Waterford Wedgwood looks to offload Rosenthal

Waterford Wedgwood is considering selling its majority holding in German porcelain tableware manufacturer Rosenthal.

Waterford Wedgwood looks to offload Rosenthal

The crystal and china company has appointed investment bankers JPMorgan Cazenove to undertake “a strategic review of the Rosenthal business”.

Waterford Wedgwood acquired its 90% stake in the company, which employs 1,800 people, in 1997, when sales of quality crystal, porcelain and ceramics were buoyant.

However, the company now faces a cash crisis as banks have refused it further loans.

Last September, Waterford Wedgwood reported net debt of 473.4m Euros, over five times its market value.

The company is reported to have received several unsolicited approaches for Rosenthal, which is valued at between 150m and 200m Euros.

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