Hermès, Richemont, Swatch Group Invest in High-End Watch Parts Firms
By William George Shuster -- JCK Online, 1/1/2007 2:00:00 AM
Hermès, Richemont S.A., and the Swatch Group each strengthened their positions as luxury watchmakers with investments in October in high-end Swiss watch parts makers.
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The French luxury goods group Hermès agreed to buy a 25 percent share in Vaucher Manufacture Fleurier for 15.7 million euros ($19.8 million). Vaucher, based in Fleurier, Switzerland, and owned by the Sandoz Family Foundation, specializes in the design, production, and assembly of mechanical movements and components.
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Richemont S.A., a Swiss luxury goods group, acquired Minerva S.A. from G.P.P. International S.A., Luxembourg. The terms weren't released. Minerva, established in 1858, is in Villeret, Switzerland, and produces several hundred mechanical movements for high-end watches annually.
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The Swatch Group, based in Biel, Switzerland, bought watch dial manufacturer MOM Le Prélet S.A., of Les Geneveys-sur-Coffrane, Switzerland. Terms weren't released. Olivier Schwab, formerly the main share- holder and general manager of MOM Le Prélet S.A., which employs 125 people, will continue to head its operations. The company was founded in 1895 and manufactures top-quality watch dials.
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