Swiss watchmaker Corum announced the acquisition of its shareholding by China Haidian Holdings Limited for $90.6 million. As a result of this agreement, China Haidian becomes the sole owner of the watch company, based in La Chaux-de-Fonds. China Haidian also owns the Swiss brand Eterna which has a license to manufacture and distribute globally Porsche Design watches.

According to Corum CEO Antonio Calce, the sale “fulfills the long-term vision of both partners for the continued development and growth of the Corum brand. It will allow China Haidian to anchor its position in the Swiss Haute Horlogerie by reinforcing its other activities and open for Corum new prospects for development and strengthen the positioning of its brand worldwide.”
La-Chaux-de-Fonds-based Corum was founded in 1955 and in 2000 was purchased by Severin Wunderman in 2000. It employs around 130 people.

Mr. Hon Kwok Lung, Chairman of the Executive Committee of China Haidian, said: “I am very pleased with this acquisition and I firmly believe in the potential development of Corum. The brand has done a remarkable job under the leadership of Mr. Calce and was able to reposition itself as one of the major players in Haute Horlogerie. I will enjoy working with Antonio Calce, whom I trust to ensure effective management of the company.”

“I was very touched by the human qualities of Mr. Hon,” said Calce. “We share the same personal and professional values. He immediately recognized the potential of a niche brand like Corum. He is a man committed to the preservation and development of the Swiss watch industry, craftsmanship and know-how we have in the Region.”

http://iwmagazine.com/2013/04/25/%EF%BB%BFchina-haidian-buys-corum/

Gonna see more and more of this as China becomes a dominant player in the watch industry