Citizen Completes Acquisition of Bulova

By William George Shuster -- JCK Online, 4/1/2008 2:00:00 AM

Citizen Watch Co. Ltd. in January completed the $250 million acquisition of global timekeeping company Bulova Corp. from Loews Corp. Bulova, founded in 1875, and headquartered in Woodside, N.Y., has offices in Switzerland, Canada, Mexico, and the Far East.

Citing a “strategic commitment to becoming a multi-brand company,” Citizen said in a statement that it will operate Bulova as a separate organization, maintaining its current offices and operational structure worldwide.

Bulova's relationships with established vendors will continue. At the same time, Citizen, through its research and development arm, plans to support development of technologies unique to Bulova, said the statement. Citizen also intends to maintain and strengthen Bulova's international expansion strategy and share operational expertise where appropriate.

Dennis W. Perry was named president of Bulova, succeeding Herbert C. Hofmann, and Carl E. Rosen succeeds Paul S. Sayegh as chief operating officer. There are no other changes. Perry was previously chief strategic officer, responsible for sales, marketing, and merchandising. Rosen most recently was Bulova's senior vice president for worldwide operations.

Bulova brands include Accutron, Bulova, Caravelle, and Wittnauer watches, and its award-winning Bulova Clocks.