Timex On The Hunt For Acquisitions
April 19, 04
Timex Corporation is looking for acquisitions in the global market as it attempts to lessen its reliance on the North American market where it is the largest watch company.
Timex’s beliefs are in line with those expressed by Swatch, Gucci and Bulgari about a recovery in the sector after the industry was battered last year by the Iraq war which caused a downturn in consumer confidence and the SARS virus in important Asian markets.
The comments come during BASELWORLD 2004, the global watch and jewelry sector's biggest event currently taking place in Switzerland.
Timex said it is the second largest brand in India and has its eye sharply focused on China.
Timex is looking at acquisitions in Europe, Asia and in the high-margin luxury watch segment and is more active than it has been in the past on the issue. It is particularly interested in middle- and higher-end watches.