Waterford Crystal has confirmed that it is to shed 234 jobs as part of a restructuring plan for the company. The plan will also see a pay freeze implemented at both of the company's Irish plants in Waterford city and Dungarvan.
|
Management at the company met with workers this morning to outline the restructuring plans. They include capital investment in the Waterford factories, non-renewal of temporary contracts, voluntary redundancies and redeployment of some employees to other work.
Mr John Foley, Chief Executive Officer of Waterford Crystal said: "The measures we are taking today are designed to ensure that we have established a firm platform for being competitive.
"Currently we can source nearly 50 per cent of product at up to 30 per cent less than we have been able to produce it here in our Irish plants.
"The steps we are taking today will allow us compete and we are committed to keeping our operations on a competitive footing into the future."
As part of the restructuring, a pay freeze will also be implemented, 129 temporary employees will not be retained and a total of 105 voluntary redundancies are being sought from permanent staff including manufacturing, management and support.
Waterford Crystal, employs more than 1,600 people in Waterford city and Dungarvan, Co Waterford.