Wedgwood sells off US business

INDEBTED china and glass group Waterford Wedgwood today sold off its All-Clad posh American cookware business to the French owner of Tefal and Moulinex for a much higher than expected $250m (£135m).

Groupe SEB is paying much-needed cash for America's answer to Le Creuset.

But news of the deal came alongside an admission that this year's profits would be down by some e12m thanks to continued tough conditions in the German market and a pensions hit.

Meanwhile the company, chaired by Irish magnate Sir Anthony O'Reilly, said it would be bringing in management consultants in an attempt to run the business more effectively and conserve cash.

Investors welcomed the disposal of All-Clad, which recently starred as a must-have item in the US lifestyle TV makeover show Queer Eye For the Straight Guy.

When speculation surfaced about its sale in January, analysts were tipping a price as low as $170m for the business bought five years ago for $110m.

O'Reilly said: 'This is very good news for our group and for our management. All-Clad was well bought by chief executive Redmond O'Donoghue, was well managed by Peter Cameron and now it has been well sold.'

Cameron impressed the group so much that he has been retained and bumped up to the role of chief operating officer for the whole Waterford Wedgwood group.

The review by Accenture is unlikely to include the kinds of closures that were brought in by its rival Royal Doulton, where O'Reilly is also a major shareholder. However, the management consultants are likely to look at ways of cutting down on product lines to improve efficiency and cashflow.