AP: Waterford Crystal cutting 234 jobs and freezing wages

[Atlant]

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/07/17/financial1104EDT0101.DTL&type=business

Hit by weak dollar, Waterford Crystal
cutting 234 jobs and freezing wages

Thursday, July 17, 2003

Ireland's flagship crystal maker, Waterford, announced 234 job cuts and a
freeze on wages Thursday in its latest effort to cope with declining profits,
particularly in its key North American market.

Waterford Crystal Ltd., a part of the wider Waterford Wedgwood group,
said it was making the cuts to its 1,500-person work force in the southeast
Irish town of Waterford principally because production costs were running
too high.

"The steps we are taking will allow us to compete, and we are committed
to keeping our operations on a competitive footing into the future," said
Waterford's chief executive, John Foley.

Foley said producing crystal goods was costing up to 30 percent more in
Ireland, a member of the 12-nation bloc using the euro currency, than in
other Waterford Wedgwood plants outside the euro zone.

The euro has appreciated by 25 percent this year versus the U.S. dollar. The
surge has sapped Waterford's profits in the United States, which accounts
for about half of worldwide sales of the hand-crafted crystal

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[Atlant]

1. I guess things just aren't "trickling down" like they should!

I guess things just aren't "trickling down" like they should!

Muffy and Biffy aren't spending on Waterford and Wedgewood this year, Mummsy!

Atlant

[UrbScotty]

2. Aren't they the ones who made the Times Square ball?

The one they drop on New Year's Eve?

[Atlant]

4. A'Yup. But now that they've dropped the ball...

A'Yup. But now that they've dropped the ball, it's their market
that's dropping.

(Go on, someone make a "like a fine leaded balloon" joke!)

Atlant

(I apologize in advance for a possible duplicated reply)

[pansypoo53219]

3. WHAA?

the rich aren't spendin their tax cut on fine lead crystal??