Victorinox AG has successfully acquired almost all outstanding shares of Swiss Army Brands Inc. (SABI), the Shelton, Conn., distributor of Swiss Army Brand watches, effective Aug. 26, the company announced.
As reported by JCK on Aug. 2, Sue Rechner-who led the successful U.S. re-launch of Swiss Army Brand watches and developed Victorinox Swiss Army Watch SA (VSA) into a going concern-is the new president of Swiss Army Brands, now a private company. She was named by Victorinox AG on July 29.
SABI’s two former top executives-chairman Peter W. Gilson and president A. Jeffrey Turner-announced July 29 they would resign and sell their shares to Victorinox. Rechner had been senior vice president-global watches for Swiss Army Brands. She continues as chief executive officer of VSA, the international marketer and distributor of Swiss Army and Victorinox watches and clocks.
Victorinox AG, based in Ibach, Switzerland, already owned 67% of SABI, which distributes Victorinox products, when it tendered its offer to shareholders on June 12 to acquire all outstanding shares of common stock (at $9 a share) not already held by Victorinox and its affiliates. When that offer ended Aug. 26, it had acquired 98.8%, a company spokesman told JCK.