Press release
Today, International Volant Limited, a wholly-owned subsidiary of China Haidian, has acquired all shares in ETERNA AG Uhrenfabrik, Grenchen, from F.A. Porsche Beteiligungen GmbH. ETERNA AG is one of the premium manufacturers of watches, components of watches, clockwork, electronic precision time measuring devices and its components. Oliver Porsche, managing director of F.A. Porsche Beteiligungen GmbH, says that he is very confident that the new owner will continue the determined path ETERNA AG has begun to follow and will further strengthen ETERNA AG's position as one of the premium manufacturers of watches.
Mr. Hon Kwok Lung, chairman of the buyer, International Volant Limited, states that this acquisition is an important step in the strategy of China Haidian to continue its sustainable development in Mainland China and overseas. We believe that mechanical watch movements will more and more become a limiting factor in the industry; therefore, ETERNA AG, as being able to manufacture its own mechanical movements, is a decisive addition to the group's portfolio, Hon Kwok Lung added.
The parties agreed to keep the details of the transaction strictly confidential.
