The Swatch Group takes over Tanzarella Ltd.

The Swatch Group Ltd.: Takeover of the operational activities of Tanzarella Ltd.

12 July 2010

www.worldwatchweb.com-
The Swatch Group Ltd. and Tanzarella Ltd. signed a contract for the
takeover of the activities of Tanzarella Ltd. in Riazzino/Locarno
taking effect on July 12, 2010. The takeover will take place by
transferring the assets into a recently founded Swatch Group company.
The new company called Assemti Ltd. will be at the present location in
Riazzino/Locarno. The Swatch Group Ltd. will acquire the building used
until now by Tanzarella from Credit Suisse.

The Tanzarella Company is active in the assembly of watch movements.
It employs 236 employees in Riazzino/Locarno. All the employees will be
taken over. The former owner, Mr. Enrico Tanzarella, will remain with
the company as operational responsible. Tanzarella Ltd. worked already
until now exclusively for ETA SA Manufacture Horlogère Suisse., a
company of The Swatch Group Ltd.

The takeover contracts are subject to the approval of the register of commerce regarding the transfer of the assets.

The kingdom expands...

Extremely interesting !!!..Just curious though, do you guys think this
is a good, or bad thing ? Don't really know too much about Tanzarella,
or if something like this was bound to happen or not !..Thanks alot !

Since they were already working exclusively for the Swatch Group... doesn't seem to be that big of a deal, really. It's not like they're taking a source away from a competitor, they'd already done that with the exclusive work.

Just a formality as they were only putting together ETA movements to begin with!! Hopefully the owner got a boat load of money and still has a job!!

More like a blocking move by Swatch IMHO. Why acquire if everything is stable? I think they did so to prevent the company from a) working for others or b) prevent its acquisition by another company. Either way, it keeps that facility at the complete disposal of Swatch.

Why, because that's what companies do. Maybe the exclusivity contract was going to expire? Maybe they liked the work so much they just had to keep them "in house."
Hopefully, like Trevor said, the owner got a boat load of money, and the employees get something out of it, too. Which being a Swiss company, they probably will... like a better chance at long term employment.