| Swiss Army Brands
Inc. and Victorinox AG announced Monday they will form a new
watch company called Victorinox Swiss Army Watch AG to market
and distribute a unified brand of Victorinox/Swiss Army watches
in all international markets outside the U.S., Canada and
the Caribbean.
Swiss Army
Brands and Victorinox will contribute equal amounts of cash,
inventory and their watch businesses outside the U.S., Canada
and the Caribbean to the new company. The companies expect
the transaction will be completed by Oct. 2001.
Distribution
and logistics for the new company will be located at Victorinox
in Ibach, Switzerland. Sales, marketing and product design
will be located in Bienno, Switzerland at the current headquarters
of Swiss Army Brands Schweiz AG, Swiss Army Brands' existing
international watch company. The new company hopes to initiate
the introduction of the new Victorinox/Swiss Army brand
in Italy in October. New brands are scheduled to be introduced
in other international markets shortly thereafter.
Swiss Army
Brands is the exclusive U.S., Canadian and Caribbean marketer
of Victorinox Original Swiss Army Knives, multitools and
SwissCards. The company also has its own line of Swiss Army
Brand watches, sunglasses and writing instruments. Victorinox
is the majority shareholder of Swiss Army Brands, and the
two companies have a business relationship dating back to
1937.
|
