Waterford Wedgwood has announced plans to sell its US-based cookware division All-Clad for $250m to the French-based company Group SEB.
The deal should be completed within 60 days and is subject to approval by Waterford Wedgwood shareholders and the Federal Trade Commission (FTC).
The money raised by the sale will be used to reduce debt, improve internal efficiencies and to support targeted marketing for Waterford's three master brands.
Waterford Wedgwood bought All-Clad $110 million in May 1999.
