P.M. BRIEFING : Waterford Workers Reject Plan
Workers at Waterford Crystal PLC rejected a drastic cost-cutting plan after a group led by Tony O’Reilly, Irish-born chairman of U.S. food giant H. J. Heinz, proposed a big investment in the crystal and china company.
The rejection came late Monday, just hours after industry sources revealed that O’Reilly was heading a group of overseas investors negotiating to buy 29.9% of Waterford Wedgwood for more than $100 million.
More than half of Waterford’s 2,000 employees attended the angry union meeting Monday night which threw out management demands for longer working hours, lower bonuses and a reduction in contract staff as a way to establish profitability again. The latest management demands came just six months after the unions agreed to a three-year wage freeze.
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