Waterford Wedgwood plc (2000): The Millennium
Waterford Wedgwood was founded in 1987 following the merger of Waterford Crystal and Josiah Wedgwood and Sons Ltd. The deal brought together two companies with long histories of dominance in their respective market segments.
We find the company in 1999 at the crossroads of the millennium. Our task is to examine its position in the marketplace, and where it should go from here. In order to decide how WW should go forward, it will be helpful to look at where it has come from.
Waterford Crystal was founded in 1783 by George and William Penrose in the port city of Waterford, Ireland. They combined the perfect mixture of minerals and glass to produce fine crystal that was distinguished by its rich sparkle and high level of craftsmanship. Despite having a quality product and recognition in the marketplace, the company hit hard times. A depressed economy and a heavy tax burden forced it to close in 1851.
The name lay dormant for 100 years until 1947, when a group of businessmen saw the potential of once again creating a world-class crystal maker. The company launched its products on the world market and by the 1980's Waterford Crystal was the largest producer of handcrafted crystal in the world.
Wedgwood fine china has a similarly long pedigree. It was founded by Josiah Wedgwood and has been making fine bone china in Stoke-on-Trent, England for over 250 years. The company is steeped in English tradition and describes the essence of its brand as: "Authentic English Style." As with many mergers the partnership of the two companies was not a smooth one and the first ...