Crystal Short-Time Working

Waterford Crystal has introduced short-time working at its factories in Kilbarry and Dungarvan in Ireland for seven weeks over the next seven months. The aim is to help the company cut costs and improve its working capital by next March. Around 1,400 people will be affected by the short-time working. The move follows a thorough review of the business by Waterford's parent group Waterford Wedgwood, which identified the need to reduce required working capital. Waterford Crystal aims to improve its working capital over the next seven months by reducing inventories through an orderly sell-off of completed stock and through a slowdown of manufacturing.