More than 485 Waterford Wedgwood workers have applied for the company's voluntary redundancy programme.

Yesterday was the deadline for workers in the company's Waterford city and Dungarvan plants to apply for the programme, part of a cost-cutting scheme aimed at saving €90 million a year.

The plan involves the closure of its Dungarvan facility, with the loss of all 390 jobs. Workers at the plant had the option of seeking redeployment to its factories in Waterford city or taking redundancy.

The luxury goods manufacturer is also seeking to scale back its Kilbarry plant in Waterfordcity, leaving its total Irish workforce at less than 1,000.

The company made no statement on the issue yesterday, but it is understood that the number of workers that have applied has exceeded the 485 being sought.

Workers are being offered six weeks pay per year of service to a cap of 16 years service. In recent weeks, unions have objected to these terms on the basis that many employees have worked for the company for as long as 40 years.

However, last night it looked like Waterford had succeeded in achieving the target. Globally the company is seeking to axe a total of 1,800 jobs. This includes the closure of the Royal Doulton plant in Britain. Outside the Republic, the company is going to cut job numbers by involuntary redundancy.

Chairman Sir Anthony O'Reilly Peter Goulandris, have increased their stake in the company to over 50 per cent.