The Swatch Group:
The Swatch Group Ltd. (SWX: UHR and SWX: UHRN) is a Swiss company and the biggest watch manufacturer in the world (about 25% of the sales)[citation needed]. It was formed in 1983 through the merging of the two Swiss watch manufacturers ASUAG and SSIH, and took its present name in 1998 (formerly SMH Swiss Corporation for Microelectronics and Watchmaking Industries Ltd).
In 2007, gross sales were 5.94 billion CHF. The Swatch Group has around 23,600 employees.
[edit] History
The Swatch Group formed from two financially troubled predecessor companies. SSIH originated in 1930 with the merger of the Omega and Tissot companies. Swiss watch quality was high, but new technology such as the Hamilton Electric watch introduced in 1957 and the Bulova Accutron tuning fork watch introduced in 1961 presaged increasing high technology competition.
In the late 1970's SSIH became insolvent due in part to a recession and in part to heavy competition from inexpensive Asian made quartz crystal watches. These difficulties occurred even though it had become Switzerland's largest and the world's third largest producer of watches. Its creditor banks assumed control in 1981. ASUAG, formed in 1931, included the Longines and Rado brands. ASUAG was the world's largest producer of watch movements but failed similarly in 1982. SSIH and ASUAG were reorganized and merged into ASUAG-SSIH Holding Company in 1983, then taken private by CEO Nicholas Hayek, who was born and raised in Lebanon, in 1985, and renamed SMH in 1986, and ultimately Swatch Group in 1998.
The launch of the new Swatch brand "Swatch" watch in 1983 was marked by bold new styling and design. The quartz watch was redesigned for manufacturing efficiency and fewer parts. This combination of marketing and manufacturing expertise restored Switzerland as a major player in the world wristwatch market.
[edit] Brands
The Swatch Group owns several companies which do research (Asulab, EM Microelectronic-Marin, Oscilloquartz SA), produce movements (ETA SA, Valjoux, F. Piguet), produce pieces of watches (Comadur), and numerous watch brands, including Breguet, Blancpain, Jaquet Droz, Glashütte Original, Union Glashütte, Léon Hatot, Omega SA, Tiffany & Co., Rado, Longines, Swatch, Tissot, Calvin Klein, Certina, Mido, Pierre Bal-main, Hamilton, Flik Flak and Endura.
[edit] Electronic Systems
The Swatch Group Electronic System provides complete solutions by integrating the individual expertise of the following companies:
- EM Microelectronic-Marin: Designs and produces ultra-low power, low voltage mixed-signal integrated circuits, LCD and modules. IC Product lines include RFID, microcontroller, smart card, ASIC, RTC, reset circuit, watchdog, LCD driver, opto ICs.
- Oscilloquartz SA : Produces and designs high precision frequency control products, including Cesium PRS, quartz crystal oscillator, OCXO, BVA & PRC, SSU (also called SASE, TSG or BITS), GPS based synchronisation products for the wireless and wired telecommunication infrastructure.
- Micro Crystal: Produces miniature low power quartz crystals and small low power oscillators. Focus is 32.768 kHz SMD and through hole crystals in miniature metal and ceramic package.
- Renata: Develops and produces micro batteries. Product lines include button cells and rechargeable (Lithium Polymer) batteries. Primary batteries include Silver Oxide Lithium and Zinc-Air technologies.
- Lasag: Offers solid-state lasers for precision welding, cutting, drilling and ablating of metals.
[edit] The Nicolas G. Hayek Watchmaking School
The Swatch Group started offering their first class for aspiring watchmakers in September 2005. This school is based out of Secaucus, New Jersey. Another school is located in Okmulgee, Oklahoma. Other watchmaker schools outside the US are situated in Glashütte (Germany), Pforzheim (Germany), Kuala Lumpur (Malaysia) and Shanghai (China).
[edit] Internet Time and New Technologies
In 1998, Swatch invented "Swatch Internet Time", intended as a global timesystem, which divides the day into 1000 "beats" in a single worldwide timezone.
In October 2004, Swatch introduced its first smart watch, the Paparazzi, based on Microsoft Corporation's SPOT (Smart Personal Objects Technology) technology.
Oscilloquartz SA, a company of the Swatch Group Electronic Systems, also produces NTP time server products.
[edit] Ventures
In 1994, Swatch entered into a joint venture with Germany's Daimler AG to produce the Smart Car, but they later withdrew from this project.
[edit] Current CEO of Swatch Group
G. Nicolas (Nick) Hayek, Jr. is the current CEO of the Swatch Group. He is the son of Nicolas G. Hayek, the co-founder and Chairman of the Board of Directors of the Swatch Group,
[edit] See also
[edit] Further reading
[edit] External links
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