Workers at Waterford Crystal have been told a potential sale to the company KPS partners will safeguard jobs in the city and secure a fund of €10 million to make payments to staff made redundant.
About 600 workers at Waterford Crystal, which was placed in receivership last month, attended a meeting in the city today.
Officials from trade union Unite outlined elements of a "potential deal" to sell the company to KPS Partners, one of two firms that had expressed an interest in the glass and luxury goods manufacturer.
Unite Irish regional secretary Jimmy Kelly told the workers of a "possible agreement in principle with KPS".
He said the deal would involve a payment of €10 million for ex gratia payments to redundant workers; an agreement on jobs to be saved in the Visitors Centre, Gallery and administration functions at Kilbarry; an agreement in principle with KPS, supported by Government funding, to maintain a manufacturing facility at the Kilbarry plant which would deliver Waterford Crystal products manufactured in Waterford; a timeline for this; and an agreed process between Unite, Ictu, and the government to resolve the pension issue through the creation of a pension protection fund.
“The deal which is on the table at present secures jobs, money for those without jobs and the strong prospect of a long term manufacturing future for Waterford Crystal in Waterford,” said Mr Kelly.
He said the issue of protection of the workers' pensions was being addressed with the Government and the Irish Congress of Trade Unions.
"The alternative bidder for the group, Clarion Capital has thus far not put forward a financial amount to cater for workers who have lost their jobs over the years," Mr Kelly told the meeting.
“We will continue to work with those who can best deliver for the Waterford workers and their families. The sit-in protest at the Waterford Crystal visitors Centre will continue until such time as a deal is concluded.”
The company was placed in receivership last month after it failed to make interest payments to holders of its corporate debt on time in the closing weeks of last year.
A group of workers has been engaged in a sit-in at the visitor centre at Kilbarry for two weeks in protest at the loss of their jobs.
On behalf of the Waterford Crystal workers, Mr Kelly passed on a message of support and solidarity with employees of SR Technics and Ryanair who will lose their jobs.