Synchron

See Also: Chronos Holding

Synchron was a Swiss holding company under ASUAG containing Ernest Borel, Cyma (Tavannes Watch), and Doxa from 1968 to 1980. Auréole joined in 1975 but the holding company declared bankruptcy just three years later and was soon liquidated.

Chronos Holding and Ernest Borel

The massive ASUAG holding company included many Swiss watch brands from its founding in 1932, and acted to protect the industry throughout the coming decades. In 1966, ASUAG created Chronos Holding to manage new acquisitions, including the recently-defunct Cyma-Tavannes brands and a stake in Gruen. Another failing brand, Ernest Borel, was modified into a holding company known as Synchron on December 18, 1968. Ernest Borel was the successor to Borel et Courvoisier, founded in 1859 as a premier finisher and distributor of high-end watches.

Doxa and Cyma

Synchron soon absorbed Cyma and Doxa. Cyma sprung from the Tavannes Watch operation, founded in 1862. It was a pioneer in mechanized production of watch components. Doxa was founded in 1889 by Georges Ducommun and was known as Jacques Nardin from 1936.

Synchron was created to leverage economies of scale among these mid-priced watchmaking firms. While Ernest Borel was the root firm, the company quickly merged with Cyma and Doxa on March 27, 1969. Cyma was the larger firm, with over 12 million francs in assets but nearly as much debt. Doxa had assets of 6.6 million francs and 5.6 million francs of debt. The net value of the firm was 2.375 million francs. The board of directors was composed of Jean-Louis Borel, president. Erwin Schnegg, managing director. Jean Hegetschweiler, Louis Huguenin, Pierre Nicollier, Jean Perrin, Raoul de Perrot, Pierre Renggli, Ami Scholler, Claude Schwob, and Charles Veillon. André Theurillat was general manager, while Eric Perrenoud, Marcel Germond, Claude Schwob, Jean Robert, Francis Schwob, and Marcel Bouverat were directors, while Paul-Ed. Henry, Hans-R. Knoepfel, Maurice Sauser, Frédy Vallon, and Henri Leuenberger were deputy directors.

The group introduced the low-priced Conquistador brand in 1970. Synchron rationalized marketing, product lines, and production in 1973, bringing all brands under one roof in Le Locle.

By 1971 it appeared that Synchron was on its way to success. The company had annual revenue of 18.1 million francs and produced 250,000 watches per year in Le Locle with 90 employees and 60,000 alarm clocks in La Chaux-de-Fonds with 50 people. These products were customized by brands with different names on the dial and different styling. Production was rationalized as well: In 1969 the group produced 39 different movements; initial rationalization efforts reduced this to 17 soon after; by 1973 the company produced only 7 watch movements.

Synchron introduced a patented "bilingual" watch in 1972 with day windows at 3 and 9 showing the day in two different languages. The company was also working on a high beat automatic movement and an electronic movement.

Throughout the 1970's, the Synchron name was used in public advertisements to support the three brands, Cyma, Doxa, and Ernest Borel.

Auréole

Auréole was acquired by Synchron in May of 1973. The once-leading company had been struggling, though it still produced a large volume of watches. Auréole was established in La Chaux-de-Fonds in 1868 and grew to a large-volume producer of quality watches.

Auréole initially retained its identity, production in La Chaux-de-Fonds, and management. Auréole brought annual production of 600,000 quality anchor watches to Synchron, part of a goal for the group to increase production to over 1 million watches per year. At this time Auréole sold mainly in the markets of Spain, Italy, the Far East, and South America.

In 1975 Synchron management announced modest layoffs at Aureole, but in October nearly all employees received notices of layoffs. Production soon halted, and the assets of Aureole were incorporated into that company's other brands, Cyma, Doxa, and Ernest Borel. But the Aureole factory was soon closed as Synchron struggled.

Failure of Synchron

The quartz crisis of that decade led to the decline of the Swiss watch industry. Synchron was in crisis in 1977 and declared bankrupt by a judge on March 7, 1978. Cyma was sold to a private investor in 1978 and moved to the Doxa factory in Le Locle. Around 1980, ASUAG sold Synchron and the two remaining brands. The final liquidation of Synchron SA was completed in November 1986.

Note: Contrary to the current Doxa web site FAQ, Girard-Perregaux, Zodiac, and Eberhard & Co. were not part of the Synchron group, though the latter two companies were part of Communauté d'Horlogerie de Précision (CHP), which also included Chronos Holding.

Membership

Synchron was owned by Chronos Holding. It was part of Communauté d'Horlogerie de Précision (CHP), though this organization did not own the group.

• Communauté d'Horlogerie de Précision (CHP)
  • Chronos Holding
    • Synchron SA, Neuchâtel
      • Centre 1: Ernest Borel & Cie SA, Neuchâtel
      • Centre 2: Doxa SA, Le Locle
      • Centre 3: Cyma Watch Co SA, La Chaux-de-Fonds (including Tavannes Watch Co SA, Tavannes)
      • Auréole, La Chaux-de-Fonds (1973-1975)
  • Ebel
  • Eberhard
  • Juvenia
  • Zodiac
  • Saphir
    • Favre-Leuba Holding SA, Zoug
    • Jaeger-LeCoultre, Genève

Timeline

• 1968, December 18 - Ernest Borel & Cie SA of Neuchâtel changes its company name to Synchron SA
• 1969, March 27 - Synchron SA is established in Neuchâtel; the company's goal is "manufacture and sale of watches and stopwatches of all kinds"
  • Following the general meeting on March 27, 1969, the company decided to merge with Cyma Watch Co SA of La Chaux-de-Fonds and with Manufacture des Montres Doxa SA of Le Locle
  • Synchron SA took over the assets and liabilities of Cyma according to the balance sheet of December 31, 1968, acquiring assets of 12,345,093 francs and a liability of 11,720,093.20 francs, or a net asset of 625,000 francs which were transferred to Synchron for 625 registered shares of 1000 francs each
  • Synchron SA took over the assets and liabilities of Doxa according to the balance sheet on December 31, 1968, acquiring assets of 6,654,964 francs and liabilities of 5,654,964 francs, or a net asset of 1,000,000 francs which were transferred to Synchron for 1000 registered shares of 1000 francs each
  • At the same general meeting Synchron decided to increase its share capital from 750,000 francs to 2,375,000 francs by issuing 1625 registered shares of 1000 francs each fully paid up
  • The company changed its name to "Synchron SA, Fabriques d'Horlogerie Réunies"
  • The company is administered by a board of directors of at least five members composed of Chairman Jean-Louis Borel (Ernest Borel), CEO Erwin Schnegg (Ernest Borel and Soprod), Jean Hegetschweiler (Cyma), Louis Huguenin (ASUAG), Pierre Nicollier (Ernest Borel), Jean Perrin, Raoul de Perrot (Ernest Borel), Pierre Renggli (ASUAG), Ami Scholler, Claude Schwob (Cyma), and Charles Veillon
  • The company management team consisted of general manager Andre Theurillat (Doxa); directors Eric Perrenoud (Doxa), Marcel Germond (Ernest Borel), Claude Schwob (Cyma), Jean Robert (Doxa), and Francis Schwob (Cyma); deputy directors Marcel Bouverat (Doxa), Paul-Edouard Henry (Doxa), Hans-Rudolf Knöpfel (Cyma), Maurice Sauser (Ernest Borel), Frédy Vallon, and Henri Leuenberger (Ernest Borel); deputy Jean Alpers; and powers of attorney Maurice Lutz, André Jeannet, and Georges Nidegger
  • Directors Pierre Nicollier and Raoul de Perrot are removed while Jean-Louis Borel is modified
  • Proxies Marcel Germond, Maurice Sauser, Kurt Bächler, and Henri Leuenberger are removed
• 1969 - Kurt Bächler was appointed deputy director with a collective signature of two
• 1969, November - Manufacture des Montres Doxa SA is officially dissolved; the creditors having been disinterested, having obtained collateral or having accepted the merger, the company is deregistered
• 1969, November - Cyma Watch Co SA in La Chaux-de-Fonds merges with Tavannes Watch Co in Tavannes; Cyma takes over the assets and liabilities of Tavannes Watch Co, both the assets and to the liabilities of 4,684,400.56 francs; at the same time, Cyma Watch Co SA merges with Synchron SA, Fabriques d'Horlogerie Réunies; Synchron SA takes over the assets and liabilities of Cyma Watch Co SA; Cyma Watch Co SA is dissolved; the creditors having been disinterested, having obtained collateral or having accepted the merger, the company is deregistered
• 1970, April - The signatures of director Claude Schwob, and André Jeannet, and Georges Nidegger are erased; deputy directors Maurice Sauser and Hans Rudolf Knoepfel are appointed directors; Paul-André Fallet and Pierre Henzi are appointed as proxy
• 1970, October 1 - The workers' fund of Ernest Borel changes its name to Fonds de Prévoyance en Faveur du Personnel de Synchron SA
• 1971, July - Charles Veillon has passed away; Erwin Schnegg is no longer on the board; The signatures of director Eric Perrenoud, deputy director Henri Leuenberger, and proxy Pierre Henzi are deleted; André Theurillat has been appointed managing director
• 1972, February - The signatures of directors Marcel Germond and Francis Schwob and deputy directors Kurt Baechler and Fredy Vallon and proxy Maurice Lutz are deleted
• 1972, April 7 - Following the general meeting administrator Louis Hugenin resigned; Jean Matthey and Roger Petremand were appointed as credentials
• 1972, June - Administrator Ami Scholler has resigned from the board of directors
• 1973, March - Deputy director Marcel Bouverat is appointed director
• 1973, April 26 - The Ducommun-Nardin Fund establishes a foundation to rescue widows and orphans of employees and workers of the former Manufacture des Montres Doxa SA; the board is appointed by the board of Synchron SA; the committee is composed of president Jean-Louis Borel, vice-president André Theurillat, and secretary/treasurer Marcel Bouverat
• 1975, March - President Jean-Louis Borel and directors Raoul de Perrot, Pierre Nicollier, and Pierre Renggli have resigned; former director Jean Hegetschweiler becomes president; Jean-François Krebs becomes vice-president; Roger Anker is named member
• 1975, April 30 - Following its general meeting, Aureole merges with Synchron SA; Synchron takes over, on a universal basis, the assets and liabilities of the Compagnie des Montres Auréole SA and the company is dissolved
• 1975, July - Administrator-delegate André Theuillat becomes administrator; Jean-Frarçois Krebs gains signature of two; Adolf M. Schütz is appointed Director General
• 1975, December - Tell-Edouard Pochon, Fritz Baumgartner, and Michel Gaille are appointed power of attorney
• 1976, November - Director Maurice Sauser is appointed deputy director-general; Serge Bourquin is appointed with a collective signature of two; the signatures of directors Marcel Bouverat and Hans-Rudolf Knoepfel, deputy director Paul-Edouard Henry, and Tell-Edouard Pochon are deleted
• 1977, January- Fritz Baumgartner's power of attorney has been deleted
• 1977, November 7 - A suspension of 4 months is granted to Synchron under bankruptcy court in La Chaux-de-Fonds
• 1978, February - The signatures of Director-General Adolf M. Schütz, and Director Jean-Robert, and the power of attorney of Serge Bourquin are deleted
• 1978, March 7 - By judgment of the Neuchâtel Cantonal Court, an agreement is approved for abandonment of assets between the company and its creditors; the liquidation commission is composed of Louis Genilloud and Maurice Favre; the signatures of president Jean Hegetschweiler, vice-president Jean-François Krebs, deputy director general Maurice Sauser, as well as the powers of attorney of Jean Alpers, Paul-André Fallet, Jean Matthey, Roger Pétremand, and Michel Gaille are removed; the unsigned administrators Jean Perrin and Roger Anker are removed; the company name is changed to Synchron in Liquidation
• 1979, February 3 - The liquidation commission calls for creditors to come forward
• 1986, November - The liquidation of Synchron SA being completed, this company is deleted