A new watch brand to talk about!!!

[Tiggercat]

I guess this means that Bulova and Accutron are now Japanese brands. ;D

From Reuters:

" TOKYO, Oct 4 (Reuters) - Japanese watch maker Citizen Holdings Co (7762.T: Quote, Profile, Research) said it would buy rival Bulova Corp from conglomerate Loews Corp (LTR.N: Quote, Profile, Research) for about 28.8 billion yen ($247 million) to help it expand in the United States.

Citizen said it would buy all shares in Bulova in January from Loews, a sprawling conglomerate whose businesses also include financial, tobacco, energy and hotel companies.

A Citizen spokesman said acquiring Bulova fits with its strategy of diversifying its portfolio of brands. Bulova will strengthen its presence in the $200 to $600 segment of the market, he said.

The spokesman said Bulova would also help it expand in the United States, the world's biggest watch market.

Pior to the announcement, shares of Citizen closed down 2 percent at 1,127 yen. The benchmark Nikkei average (.N225: Quote, Profile, Research) fell 0.6 percent.

© Reuters 2007 All rights reserved"

Link: www.reuters.com/article/consumerproducts-SP/idUST18397920071004

[Tiggercat]

More info, reposted from PMWF, original post by Jittery Jim:

"Japanese watchmaker Citizen Holdings Co. said Thursday that it will buy U.S. watchmaker Bulova Corp., for about 28.8 billion yen ($247 million). Loews Corp., the New York-based holding company, has owned Bulova for almost 25 years.

The purchase will reportedly enable Citizen Watch Co., a leader in the global watch industry, to expand further in the United States, the world’s largest watch market, where it is already a leading watch brand, and to strengthen its presence in the $200 to $600 segment of the market.

The purchase will be completed Jan. 10, when Citizen buys 100 percent of Loews shares in Bulova, JCK was told.

Bulova Corp. will become a subsidiary of Citizen Watch Co., with a new board formed by Citizen. There will be some top management changes, too, JCK has learned. Herbert C. Hoffman, president of Bulova for almost 20 years and a long-time Loews official, will remain with Loews. Dennis Perry, Bulova's chief strategic officer will replace Hoffman as Bulova’s president. Perry has been with Bulova since 2002. Paul S. Sayegh, Bulova’s chief operating officer, will retire in January. (Bulova officials say his retirement was already planned and is unrelated to the transition in ownership.) Sayegh has been with Bulova for over 25 years. Carl E. Rosen, Bulova’s vice president of worldwide operations, will replace Sayegh as chief operating officer. No other changes were planned.

Bulova will remain a separate entity under Citizen Watch Co. and continue operating at its long-time headquarters in Woodside, N.Y. No changes in operations are planned at Bulova’s other offices and facilities in Canada, Mexico, Hong Kong, and Switzerland.

Details on the sale were still pending at press time, but some at Bulova were surprised by it. “I was unaware of this” until it happened, said a Bulova employee.

Bulova’s watch lines include Caravelle, Bulova, Accutron, and Wittnauer.

Bulova was founded in 1875 in New York City by Joseph Bulova, a Czech immigrant and jeweler. During the 1970s, Bulova had a short joint venture with Citizen to make watches for sale in Asia. In 1973, Bulova's status as an independent company ended when Gulf & Western Industries, Inc. bought a large share in the company. It sold its 26.8 percent interest in 1976 to Stelux Manufacturing Co., a Hong Kong watch components maker seeking a U.S. outlet for its goods. In 1979, Stulux sold its holding in Bulova to Loews Corp., which by 1984 owned 95 percent of Bulova's common stock. It purchased the last 3 percent in 2005.

Bulova is headquartered in Woodside, N.Y., its long-time home. It has 581 employees worldwide. In 2006, it had sales of about $207 million.

Citizen Watch Company, headquartered in Tokyo, had worldwide sales of $2.8 billion in 2006. It has 18,481 employees. Its U.S. arm is Citizen Watch of America. "

[budman2k]

I hate to see any American brands being gobbled up by foreign owned companies. Nothing against Citizen, they make a great watch.

Budman

[foghorn]

In a way it's a shame.
I hope this doesn't mean the end of all the nice Accutron automatics using ETA movements.










An accutron with a Miyota would just be wrong!!


Although I do have a Bulova automatic (bought 4 years ago) witha Miyota.




I guess I'm ahead of my time!!

[Knight Watchman]

From what I am reading, although Bulova was an American company with headquarters in New York, their watches were always produced in Bienne, Switzerland. From their site:

1912
Bulova sets up its first plant dedicated to the production of watch components and their assembly into jeweled movements in Bienne, Switzerland.

I am also reading that this will not change and "Bulova will remain a separate entity under Citizen Watch Co. and continue operating at its long-time headquarters in Woodside, N.Y. No changes in operations are planned at Bulova’s other offices and facilities in Canada, Mexico, Hong Kong, and Switzerland."

So will Bulova really be a Japanese watch? We will have to wait and see. What kind of marketing will they do?
Look at Hamilton; they stopped being American back in 1969. As a Swiss company to this day, look at their marketing tactics:


Will Bulova become the Japanese brand made in Switzerland, The American Brand since 1875?

[eddie]

In today's global economy..a somewhat routine move... me thinking
Good to remember that the Joseph Bulova School of Watchmaking started in 1946 to help the WWII veterans and graduated several hundreds of them, a very noble effort IMHO to help our Vet's with a fresh start this effort was complete funded by the Bulova Foundation
Idea by of way, that the American Watch Guild's "Watchmaker Training Program for Returning Irag Veterans" is re-starting
... Queens own

[Knight Watchman]

I live on the corner of Grand Seiko Blvd. and Spring Drive. ;D

[boscoe]

I'd mourn, but Bulova is actually long gone anyway.