Patek Philippe has acquired a stake in Geneva-based Salanitro, which sets gems for most major watch companies.
The company declined to comment on whether Patek acquired a majority or minority stake, or whether the company will eventually be sold outright.
Salanitro has typically kept a low profile but sets gems for many major watch brands.
It will continue to do work for other watch companies besides Patek, said a spokesperson. It has also gone into the manufacture of components such as cases and bracelets, as well their setting and finishing.
Patek Philippe’s goal with this investment is to “support and safeguard the company’s future, so that it may forge ahead with confidence and continuity, beyond generations,” a statement said.
Pierre Salanitro, who founded the company in 1990, will remain president and CEO. Patek Philippe’s taking a stake stems partly from “the desire of [Salanitro’s] three children not to become involved in the firm’s management.”
“Patek Philippe is an emblematic manufacture that represents the ideal partner for securing the firm’s future,” Salanitro said in a statement. “I have great confidence in [Patek Philippe president] Thierry Stern and his team to continue our activities and guarantee jobs beyond generations.”
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