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Chinese take over Swiss watchmaker

Watchmaker Eterna has been bought by China Haidian Holdings, as previous owners the Porsche family from Germany confirmed on Thursday. No price was reported.

Eterna, one of the few Swiss companies to manufacture mechanical watches, would be the second Chinese-owned Swiss watchmaker after Milus, according to business magazine Bilanz.

The company, located in Grenchen in canton Solothurn, had turnover of SFr12 million ($14.4 million) last year and employs 70 workers, Bilanz said.

The Federation of the Swiss Watch Industry said it wasn’t worried by the purchase, but added that it hoped the Chinese would invest in the brand.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR