Business

Finns buy Waterford Wedgwood Royal Doulton firm

Waterford Wedgwood china Image copyright Waterford Wedgwood
Image caption WWRD makes products under such brand names as Waterford and Wedgwood.

Finnish home and garden firm Fiskars has paid $437m (£280m) to buy Waterford Wedgwood Royal Doulton, the china and glass company.

The US private equity firm KPS Capital Partners bought the brands when their Irish parent company filed for bankruptcy protection in 2009.

Since then, the company's fortunes have steadily improved.

Fiskars said the deal will allow the company to extend its portfolio of garden and home goods.

Kari Kauniskangas, chief executive, said: "Through the acquisition we will create a strong presence for the Fiskars Living business in the US, and further enhance Fiskars' market position in Europe and Asia-Pacific. Fiskars will now have a balanced portfolio of businesses."

Fiskars shares rose 6% in Helsinki.

Michael Psaros, a managing partner at KPS, said: "We are thrilled to sell WWRD to Fiskars, a company with its own 365-year history, which understands WWRD is not just a company or a group of iconic brands, but also possesses a unique legacy and a heritage."

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