P.M. BRIEFING : Waterford Crystal Workers End Strike, OK Cost-Cutting Plans
Workers at Ireland’s Waterford Crystal glass works ended a 14-week strike today after agreeing on cost-cutting proposals with management.
The strike by 2,300 workers at Waterford’s three plants began April 5 over cost cuts including the scrapping of bonuses for 500 glass cutters.
Paddy Byrne, chief executive of the crystal firm’s parent company, Waterford Wedgwood PLC, welcomed the agreement but said the company’s troubles are far from solved because the crystal division is flagging in profits.
Waterford said management and unions agreed to refer issues on pay and conditions still in dispute to binding arbitration.
Waterford, hit by a slump in its British and U.S. markets, lost $64.2 million over the last three years.
Irish politicians had feared it might move production of its prized crystal to Czechoslovakia or East Germany, both renowned for glass-cutting, if the strike continued.
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