Citizen Watch Co., Ltd., said it has completed the $250-million acquisition of the global timekeeping company Bulova Corp. from Loews Corp.
Bulova is headquartered in Woodside, N.Y., and 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 issued Jan. 10 from its headquarters in Tokyo, that it will operate Bulova as a separate organization, maintaining its current offices and operational structure worldwide.
Bulova’s existing relationships with established vendors, many of whom are seen as integral to the company’s success and design distinction, will continue, it said. At the same time, Citizen, through its research and development arm, plans to support the development of technologies which will be unique to Bulova, said the statement.
Citizen also said it intends to maintain and strengthen Bulova’s international expansion strategy, and to share operational expertise where appropriate.
Dennis W. Perry was named president of Bulova, succeeding Herbert C. Hofmann, and Carl E. Rosen as chief operating officer, succeeding Paul S. Sayegh. There are no other changes. Bulova will continue to be managed by current company executives, said the statement.
Perry, who joined Bulova in 2002, was previously chief strategic officer, with responsibility for sales, marketing and merchandising. Rosen has been associated with Loews and Bulova since 1980, most recently as Bulova’s senior vice president for worldwide operations.
Bulova, founded in 1875, offers standard consumer timepieces from watches to large clocks for the home. Its brands include Bulova, Accutron, Caravelle and Wittnauer watches, as well as its award-winning Bulova Clocks.
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