Mike on a bike Posted December 30, 2013 Report Share Posted December 30, 2013 watch fire strikes at "heart" of watch mechanism production ZURICH Sun Dec 29, 2013 2:20pm EST (Reuters) - A fire has destroyed one workshop and damaged another at Swatch Group's (UHR.VX) watch mechanism subsidiary, the Swiss firm that has a near monopoly on the supply of mechanisms to other watchmakers said. Swatch Chief Executive Nick Hayek told Swiss radio on Sunday that the blaze had struck at the "heart of production" at ETA Manufacture Horlogere and the impact on output would be examined more closely on Monday. "Everything is devastated," Hayek said. Hayek said the Swiss watchmaker, known for its colorful plastic timepieces and high-end Omega brand, had other factories it could fall back on. ETA is the world's biggest supplier of watch "movements", the internal mechanisms that drive the moving parts of a watch, and Swatch counts high-profile luxury groups Richemont (CFR.VX), LVMH (LVMH.PA) and Hermes (HRMS.PA) among its customers. Swatch was given the go-ahead in October to gradually reduce component deliveries to rivals, a move which could cause supply shortages for some players in the industry. Flames ravaged the galvanic workshop of ETA in Grenchen, Switzerland, where watch parts are protected against rust, while another workshop had been damaged by smoke, Swatch said. Local police said the damage from the fire could cost several hundred thousands Swiss francs. Swatch said no-one was harmed in the fire and the cause was unknown. Quote Link to comment Share on other sites More sharing options...
Mike on a bike Posted December 30, 2013 Author Report Share Posted December 30, 2013 As if ETA movements were not getting rare enough! Quote Link to comment Share on other sites More sharing options...
panerai153 Posted December 30, 2013 Report Share Posted December 30, 2013 Wonder if one of the companies that were being "cut off" sent a message? Quote Link to comment Share on other sites More sharing options...
jpz5142 Posted December 30, 2013 Report Share Posted December 30, 2013 Mike, you changed your avatar?!? You go away for a few days and come back a changes man.... Quote Link to comment Share on other sites More sharing options...
Mike on a bike Posted December 30, 2013 Author Report Share Posted December 30, 2013 Yes needed something faster than my boyhood three speed! Quote Link to comment Share on other sites More sharing options...
FxrAndy Posted January 1, 2014 Report Share Posted January 1, 2014 Hmmm interesting Quote Link to comment Share on other sites More sharing options...
fraggle42 Posted January 1, 2014 Report Share Posted January 1, 2014 His push bike wouldn't have made a good getaway vehicle from the ETA factory Quote Link to comment Share on other sites More sharing options...
Mike on a bike Posted January 1, 2014 Author Report Share Posted January 1, 2014 Yes I cleverly burnt it down to create interest & increase value for the ETA 7750 in the raffle! 1 Quote Link to comment Share on other sites More sharing options...
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