Synchron

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.

History

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. This soon absorbed Cyma along with Doxa.

Ernest Borel was the successor to Borel et Courvoisier, founded in 1859 as a premier finisher and distributor of high-end watches. 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.

Throughout the 1970's, the Synchron name was used in public advertisements to support the three brands, Cyma, Doxa, and Ernest Borel. Auréole joined Synchron on April 30, 1975.

But the quartz crisis of that decade led to the decline of the Swiss watch industry. Synchron was 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.

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 (After 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 Jean-Louis Borel (president), Erwin Schnegg (CEO), Jean Hegetschweiler, Louis Huguenin, Pierre Nicollier, Jean Perrin, Raoul de Perrot, Pierre Renggli, Ami Scholler, Claude Schwob, and Charles Veillon
  • The company management team consisted of general manager Andre Theurillat (Doxa); directors Eric Perrenoud (Doxa), Marcel Germond, Claude Schwob, Jean Robert (Doxa), and Francis Schwob; deputy directors Marcel Bouverat (Doxa), Paul-Ed. Henry, Hans-R. Knoepfel, Maurice Sauser, Frédy Vallon, and Henri Leuenberger; 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