Progress Watch, Corp. -PROW- Acquires UF Microtechnique S.A., Switzerland.Business Editors BIEL Biel (bēl) or Bienne (byĕn), city (1990 est. pop. 52,020), Bern canton, NW Switzerland, at the northeast end of the Lake of Biel. A watchmaking center, Biel also manufactures chains and machinery. , Switzerland--(BUSINESS WIRE)--Sept. 22, 2000 Progress Watch, Corp. announced that on September September: see month. 22, 2000, the company signed an agreement to acquire all the shares of Microtechnique S.A., La Locle, Switzerland. Le Locle Le Locle is a municipality in the district of Le Locle in the canton of Neuchâtel in Switzerland. is located between La Chaux-de-Fondes and Vallee de Joux, the region being the center for the high end Swiss mechanical watch movements, known for its outstanding craftsmanship Craftsmanship Alcimedon a first-rate carver in wood. [Rom. Lit.: Vergil Eclogues, iii. 37.] Argus skillful builder of Jason’s Argo. [Gk. Myth.: Walsh Classical, 29] Athena (Rom. . The company manufactures high precision parts for middle and high end mechanical watch movements. UF Microtechnique has more than 20 Swiss watch manufacturers on its customer list, among those several prominent Swiss brands. The international watch industry, and in particular the Swiss mechanical watch industry, enjoy a tremendous increase in demand for its products. The increased demand has led to increased delivery times to the watch industry. It has therefore been imperative for Progress to ensure high volume supply of precision parts. UF Microtechnique currently employs 17 highly specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. people, and its capabilities include precision work such as the manufacture of precision toothed wheels, bridges, milled parts and polishing of wheels, and can easily increase its current production substantially. The Company will continue to supply its current customers, and will operate as a separate profit center in the Progress Watch group of companies. Mr. Peter T. Gschwind, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. at Progress Watch, says: "With the acquisition of UF Microtechnique, Progress Watch has taken a further step to become a complete supplier to the Swiss watch industry, controlling the quality of the entire supply chain and securing sufficient supply of high quality parts to support the Company's planned growth over the next 3 - 5 years. The acquisition will also secure access to sufficient highly qualified staff in a highly specialized key area." |
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