In 1851, largely due to a failing European economy, the Waterford factory closed its doors. For 100 years, Waterford's renowned tradition lay dormant. In the 1940s and 1950s, at a time when Irish independence rekindled a passion for Irish art, a group of businessmen decided to resurrect the Waterford Glass House, which had become synonymous with the world's finest quality crystal. Waterford Crystal products were reintroduced worldwide in 1951. Due to increased consumer demand, the company expanded in the 1960s and continued to experience tremendous growth. By the 1980s, Waterford Crystal was the largest producer of premium hand-crafted crystal in the world.