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[May 2002]
Waterford Wedgwood Acquisition
Waterford Wedgwood has acquired certain assets - including notably the
Spring brand - of Spring AG, a Swiss luxury cookware company. The statement
said that Spring is probably Europe's leading luxury cookware brand.The business was founded in Switzerland in 1946 and specialises in high
quality household cookware as well as professional cookware and food serving
equipment for elite restaurants and hotels. The Spring brand is market
leader in Germany, Austria, Switzerland and Holland. For the year 2000, the
Spring Group reported sales of €31.5 million and an operating loss of €1.2
million. The Spring Group was placed in receivership in October 2001.Under the terms of the agreement, Waterford Wedgwood will acquire the Spring
brand name, its patents and trade marks, a majority stake in Spring's USA
distribution company, together with inventory, equipment and tooling.
ENDS