KDDL To Acquire Swiss Watch Manufacturer
KDDL Limited (the Company) has informed that the board of directors of the company at its meeting approved an agreement for acquisition of a Swiss Watch Hands manufacturing Company named “Estima AG”, Allerheiligenstrasse 30, 2540 Grenchen, Switzerland through its subsidiaries “Pylania SA” and special purpose vehicle “Kamla International Holdings SA.
The existing operations of Estima AG, Switzerland are Watch Hands manufacturing and revenue is in the range of CHF 2 million. Estima was a competitor of the Company in the business of watch hands manufacturing. Estima was established as a maker of watch hands in Switzerland in 1924. It was a leading supplier to Swiss and other European watch brands in the mid-priced segment and enjoyed an excellent reputation. However, over last 10 years, it was unable to keep up with market changes and lost market share leading to a declining turnover and mounting losses. However, it has a well-established name, valuable production infrastructure and will be a good platform for us to establish a foothold in Swiss watch component manufacturing.