Ebel Restructures Watchmaking Operation

Swiss luxury watchmaker Ebel SA announced in March that it is restructuring its watchmaking operation at La Chaux-de-Fonds, Switzerland, "to create a sustainable business structure that projects profitability for the future." The restructuring follows losses for the company over the past three years of 40 million Swiss francs (about US$31.2 million) and its acquisition earlier this year by the Movado Group, a U.S. watchmaker. The workforce of 175 people will be reduced by 70, a 40% reduction. Ebel and the trade unions representing its workforce are negotiating a social benefits plan for employees being terminated, in accordance with Swiss labor regulations, said the company. Ebel S.A., which does about 80 million Swiss francs (about US$62.5 million) in business annually, was purchased by the Movado Group for $47.3 million from LVMH, the French luxury goods conglomerate. By year's end
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