Swatch Group announced today that it will take over Swiss-based watch movement maker Tanzarella Ltd. The takeover, effective July 12, will be achieved by transferring Tanzarella assets to a newly-founded Swatch Group company called Assemti Ltd. The new company will operate from Tanzarella’s present location in Riazzino / Locarno. The Swatch Group Ltd. will acquire the Tanzarella’s building from Credit Suisse.
Tanzarella employs 236 people, all of whom will join the new company. The former owner, Mr. Enrico Tanzarella, will remain with the company as the director of operations. Previously Tanzarella worked exclusively for ETA SA Manufacture Horlogère Suisse, a company of The Swatch Group Ltd.
The takeover comes on the heels of the passing of Swatch Group founder and chairman Nicolas Hayek on June 28. The company’s directors named Hayek’s daughter, Nayla, chairwoman on June 30.
You may read the Swatch Group press release here.