Citizen Will Buy Bulova for $250 Million

Japanese watchmaker Citizen Watch Co. Ltd. said on Oct. 5 that it will buy Bulova Corp. from Loews Corp., a New York–based conglomerate. The purchase price is $250 million, JCK was told by Darren Daugherty, director of investor relations for Loews. Bulova has been a subsidiary of Loews for almost 30 years. Citizen, headquartered in Tokyo, announced the sale in a brief press release, and it was subsequently reported by major business media in Japan, Europe, and the United States. The stock transfer agreement between Loews and Bulova was signed Oct. 4. The purchase will be completed by Jan. 10, 2008, when Citizen acquires 100 percent of Loews' shares in Bulova, say Citizen and Loews. Bulova will become a subsidiary of Citizen and reportedly will remain at its longtime Woodside, N.Y., headquarters. No changes in operations were expected at Bulova's offices and facilities in Canada,

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