Waterford Crystal
Waterford Glass was started by two brothers, George and William Penrose, in 1783. It
was the most notable of all Irish crystal companies. In 1799, the Penrose brothers sold Waterford
Glass to the Gatchell family. The crystal industry was prosperous until 1825. Irish glass
manufacturers began to slowly close due to high export duties, the economic depression, and a
lack of capital. Waterford Glass was the last to close in 1851. It was reestablished nearly a
century later by Charles Bacik and Bernard Fitzpatrick. In 1947, they set up a factory in
Waterford, Ireland.
A turning point in the company's history came in 1950 when Joe McGrath made a sizable
investment in Waterford Glass. He invested the capital needed to convert the small crystal
manufacturing company into one with the potential to become a major player in the crystal
industry. This investment gave his family control for the next thirty-five years. Joe McGrath was
committed to Ireland and providing jobs for his country. He wanted to reduce the country's high
unemployment level. His focus for Waterford Glass was on growing the company through
exports to the United States. In 1966, Joe McGrath's son, Paddy McGrath, took over
management of Waterford Glass. Like his father, he was dedicated to Ireland and to providing
employment opportunities for the Irish. McGrath's quest to provide more jobs for the Irish led
him to diversify the company. By 1983, the company had acquired more than thirty non-core
businesses. To reflect the expansion, management changed the company's name to Waterford
Glass Group. In 1985, Paddy McGrath resigned as chairman of Waterford Glass.
Concurrent with Paddy McGrath's resignation, Paddy Hayes was appointed chairman and
CEO of Waterford Glass Group. He immediately began to sell off the non-core businesses in an
effort to reduce the company's high debt level. Waterford Glass's debt was virtually eliminated
with the issue of American Depository Shares (ADS) on the United States NASDAQ market. On
November 28, 1986, Waterford Glass acquired Wedgwood, a two hundred year old manufacturer
and marketer of fine bone china. Paddy Hayes was named the chairman and CEO of both
companies and Paddy Byrne was appointed CEO of Wedgwood. In 1989, the company's name
was changed to Waterford Wedgwood. Three divisions were created as a result of this
acquisition: the Waterford Crystal division, the Wedgwood division, and the Creative Tableware
division. In 1989, Paddy Hayes resigned from his position as chairman and CEO of Waterford
After the Act of union had been passed, Daniel O’Connell worked effectively in addressing Irish grievances; his actions were significant in contributing to the changing nature of the Irish question. Even though O’Connell tried to address the same issues as the society of united Irishmen, he abandoned the use of violence and instead took a constitutional approach such as the use of monster meetings and working alongside parliament in order to gain catholic emancipation and repeal of the union. O’Connell’s zeal for reform influenced parliament in passing the Catholic Emancipation Act in 1829. Even though in the short term the Act had been insignificant in Ireland as the British government purposely reduced the Irish electorate by increasing qualifications from 40 shillings to £10 in an attempt to retain Protestant dominance, it was the prime cause for the d...
In May of 1985 Steve Jobs tried to convince some directors and top executives that Sculley needed to go. It turned out many of them had spoken with Sculley and went to the board of directories. The board decided to remove Steve Jobs from all operational duties and he would only be the chairman of the board.
decided to invest it in a banking firm called Grant & Ward. His son was a
This did not last long because just a quickly as they rose so did they fall. Within a year their stocks were down to little of nothing, and their name was not one someone wanted to be associated with. The downward spiral can be contributed to the organization culture and improper checks and balances.
William V. Shannon "The American Irish", The Macmillian Co. , N.Y 1964 , Page 131-151
of the affairs in the way that he did - for example Ireland - as some
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The antebellum period in America was a hard time for all that lived, native born and those coming to America shared in the labors and hardships equally. Irish immigrants however, seemed to have struggled a little more. Many were regarded as inferior to the Anglo-Americans and immigrants already established in America. This problem came chiefly because of the lack of skilled labors, thus causing Irish immigrants to bear the load of working in mines, in quarries, digging canals, and building bridges and railroads. Others still, wer...
he took a two year break to direct and run a company at the National
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‘The Celtic Tiger’ was the term used by Irish people to describe the rapid growth Ireland was witnessing. Ireland was referred to as ‘Europe’s shining light’ since the start of the Celtic Tiger. It had only been 10 years prior to this that Ireland had been branded as the’ poorest of the rich’ in Europe (Ireland shines, 1997). Open-minded industrial policy targeted MNC (Multi National Companies) to locate in Ireland around 1987. The government had decided Ireland would become a knowledge based, export driven economy. After the 90’s Ireland witnessed major growth and Irelands harsh economy of 1987 when unemployment was 18%, national debt was 125% of GNP and growth averaged 0.2% of 5years seemed a long time ago (Murphy, 2000).
that made the company one of the most recognized companies of the world. The dynamic
McCann et al. Belfast: Institute of Irish Studies, 1994, 95-109).
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