News Progress Watch, the Biel-based maker of watch movements, has recently set up the Spir-it AG company. This subsidiary will supply balance springs for the mechanical movements made by Progress watch and other watch industry companies.
Founded on 26 September 2000 with a share capital of two million francs, Spir-it, which has its registered office in Biel, will focus its activities initially on the laboratory production of speciality components intended for high tech movements. The production site is due to be extended in the next few months.
As a second source of supply for balance springs, this new subsidiary of Progress Watch will end the bottleneck created by the current heavy demand for mechanical watch movements.
Events are certainly following in rapid succession at Progress Watch. The company in Biel has acquired four other businesses in recent weeks. They are:
- Aigat SA (La Neuveville)/Claude Lehnherr SA (La Chaux-de-Fonds) whose twenty or so employees have outstanding expertise in the fields of stamping and the production of stamping tools, laser welding and wire erosion;
- UF Microtechnique SA (Le Locle) whose twenty employees are dedicated to the development and production of microtechnical components such as gear wheels, blanks, bridges and spindles; these enable movements or movement parts for high quality mechanical watches to be made;
- Ind’M (Fontaines/NE) which employs ten engineers in Val-de-Ruz. Their main responsibility is the development and production of watch movements, from the design to the prototype stage;
- Conseilray SA (La Chaux-de-Fonds), a company founded nearly 25 years ago with eight experienced specialists (engineers, designers and production experts) who have made a name for themselves in the fields of micro- engineering for the watchmaking and medical branches.
In addition to the creation in the past few months of Spir-it AG, Progress has recently established Progress Watch Asia Ltd. In Hong Kong to introduce its products in Asia and provide after-sales service. Through these acquisitions and newly created companies, the Biel-based firm has succeeded, in a very brief space of time, in creating a centre of excellence to meet its own needs for products and services and those of other companies. Thanks to this group of businesses with its own customer base and substantial potential in terms of expertise and innovation, it will now be able to develop and launch rapidly and highly effectively on the market, many products designed for the entire watchmaking industry.
October 17, 2000