Waterford Wedgewood move to Asia could be followed by others

October 2003
Management Services;Oct2003, Vol. 47 Issue 10, p6
Academic Journal
The decision by Waterford Wedgewood to move part of its earthenware production to the Far East, shedding more than 1,000 jobs in the process, is likely to become a familiar pattern to the British economy, warns Richard Hawes, a partner with Grant Thornton's Recovery and Reorganisation practice. Over 11,000 companies, or 29.6% of all British subsidiaries are loss making. Attracted by cheap labour costs, free trade zones, and improved global reach, many British companies are following the examples of the likes of Dyson and moving production lines to Asia to increase profit margins. Dealing effectively with financial issues at an early stage is undoubtedly the most effective way of turning failing companies around, however it is also important for the British economy as a whole to diversify and develop a knowledge based industry that can absorb job losses created by companies that quit in Great Britain.


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