Saturday, July 02, 2011

Eterna Watches Fully Acquired by Chinese Holding Company Group

Taken from their website:

'Today, International Volant Limited, a wholly owned subsidiary of China Haidian, has acquired all shares in ETERNA AG Uhrenfabrik, Grenchen from F.A. Porsche Beteiligungen GmbH.

ETERNA AG is a premium manufacturer of watches, components of watches, clockwork, electronic precision time measuring devices and its components. Oliver Porsche, managing director of F.A. Porsche Beteiligungen GmbH, says that he is very confident that the new owner will continue the determined path ETERNA AG has begun to follow and will further strengthen ETERNA AG’s position as one of the premium manufacturers of watches.

Mr. Hon Kwok Lung, Chairman of the buyer, International Volant Limited, stated that this acquisition is an important step in the strategy of China Haidian to continue its sustainable development in Mainland China and overseas. We believe that mechanical watch movements will more and more become a limiting factor in the watch industry. Therefore, ETERNA AG, being able to manufacture its own mechanical watch movements, is a key addition to the group’s portfolio.

The parties agreed to keep the details of the transaction strictly confidential.'

A bit about China Haidian. From their website:

‘China Haidian Holdings Limited is a publicly listed company in Hong Kong Stock Exchange in 1991.’

They own the “EBOHR” and “ROSSINI” watches brands, which is manufactured and sold in China. Both the brands are in the top 4 watch brands in Chinese watch industry. Both the brands account for 43% of the total watch industry sale in China.

It would be interesting to see what happens next.

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