The Swatch Group Ltd.: Acquisition of Swiss Precision, Johannesburg
Biel / Bienne (Switzerland), March 31, 2009 – Effective March 31st, 2009, The Swatch Group Ltd. has signed an acquisition contract concerning Swiss Precision (Pty) Ltd., of Johannesburg, South Africa, which is responsible for the distribution of watches in that country. The Swatch Group already held 10% of the company’s share capital. The company was formed in 2003 together with the Moss Family for the purpose of distributing watches produced by the Swatch Group. The acquisition will be effective upon approval by the responsible South African authorities.
The acquisition will also result in the Swatch Group taking possession of a small network of nine Swatch franchise stores operated by the distribution company.
Swiss Precision (Pty) Ltd. currently employs 57 persons. With this acquisition the Swatch Group intends to further expand business in South Africa.