Representatives from KPS Capital Partners, an American private equity company, which has signed a letter of intent to acquire certain of Waterford Wedgwood's Irish & UK assets, will travel to Ireland during the week commencing 12 January to meet union representatives & the minister for arts, sports & tourism, Martin Cullen, a Waterford MP. At the meetings, unions & the government will raise concerns with KPS regarding Waterford's huge pension deficit & its plans for the Waterford plant. If KPS agrees to buy the Waterford Crystal brand, but not the Irish operations as a going concern, it has no obligation to take on the company's pension liabilities. Accounts for Waterford Crystal show it had a pension deficit of EUR 68M as of April 2008. The company employs 800 workers.
