Today, International Volant Limited, a wholly-owned subsidiary of China Haidian, announced that it has acquired all shares in Eterna AG Uhrenfabrik from F.A. Porsche Beteiligungen GmbH. Eterna was founded (under a different name) in 1856, In 1932, Eterna created a subsidiary called ETA to make movements for itself and other watch companies.
ETA grew through a series of mergers, and today it is owned by Swatch Group. Eterna was sold several times beginning in 1982, and in 1995 it was purchased by F.A. Porsche Beteiligungen GmbH. In 1998 Eterna began manufacturing watches under the Porsche Design name.
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, said 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 industry; therefore, Eterna AG, as being able to manufacture its own mechanical movements, is a decisive addition to the group’s portfolio”, Hon Kwok Lung added.
Details of the transaction were not disclosed.
LATEST USER COMMENT