Ebauches SA

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Ebauches SA (often called ESA) was a holding company for Swiss watch movement manufacturers from 1926, becoming the main movement unit of ASUAG in 1931 until it was merged to become the modern ETA between 1979 and 1985.


The components of Ebauches SA date from as early as 1793, when the factory that would become FHF is founded in Fontainemelon. ETA, the eventual successor to Ebauches SA, traces its history to the 1856 founding of Dr. Girard and Schild Ebauches in Grenchen. Another important component, A. Schild, was established in 1896 in Grenchen.

Ebauches SA was created on 27 December 1926 as a holding company with headquarters in Neuchâtel and began operations on January 1, 1927. Initial members were A. Schild AG (AS or ASSA) and Adolphe Michel SA (AMSA) of Grenchen and Fabrique d' Horlogerie de Fontainemelon (FHF) of Fontainemelon. The purpose of this merger was to bring order to the chaotic watch movement manufacturing industry. There were so many movement manufacturers that prices were falling and companies were failing. Many would sell components and ebauches abroad, where they were often used in "junk watches" with the "Swiss made" name.

Ebauches SA quickly expanded, adding a group known as Fabriques d'Ebauches Bernoises SA of Bienne (a holding company formed on June 7, 1972 and consisting of Aurore of Villeret, Fabrique d'Horlogerie de Sonceboz, and Hora SA of Cortébert), Charles Hahn & Cie, and Landeron, among other smaller makers in 1927. The next year, Ebauches SA added 10 more companies, including Felsa SA, Venus SA, Bovet, and Optima. 1929 saw 8 more, including Postala and Urania. Also added were Guerrin-Bourquin & Cie and Unitas SA, the movement maker of A. Reymond.

But even this concentration was not enough, and the value of Swiss watch movements continued to fall as other makers flooded the market. In 1931, Ebauches SA became a founding member of ASUAG and would become the focus for movement makers within that group. Ebauches SA brought order to the market by buying as many as 75 movement manufacturers by 1951.<ref>150 Jahre ETA Grenchen - Warum die Uhrenfabrik ihren Geburtstag nicht feiert, 24 Nov. 2006, dortige Quelle: Oltner Tagblatt/ German Vogt / www.oltnertagblatt.ch. Internet Stand 7.2.2008</ref>

Many important movement makers would join Ebauches SA over the following decades. Fabrique d'Ebauches de Fleurier was added in 1932 and Peseux in 1933. The Swiss federal government provided a grant to further consolidation across ASUAG in 1941 and this provided funding to absorb Derby and Nouvelle Fabrique Tavannes that year. The final large addition was Valjoux in 1944. Most of the purchased manufactures were closed down or merged with others into stronger companies such as ETA, AS, FHF, Unitas, Peseux, and Valjoux. The main goal was maintaining long-term economic independence for member companies, reducing competition, coordinating product development, and promoting specialization.

Ebauches SA met its end in the 1980's, with most of the component companies brought into the Swatch Group under ETA. This process began in 1979, as A. Schild is merged into ETA, still technically under Ebauches SA but increasingly strong. This new ETA focuses production and becomes the focal point for Swiss watch movement manufacturing. In 1982, more manufacturers are brought into ETA, including FHF. As ASUAG is merged with SSIH in 1983, Ebauches SA is no longer relevant. It is dissolved as part of the creation of SMH (now Swatch Group), in 1985.

Founding Members

Ebauches SA was registered on December 27, 1926 with the registered office being Faubourg de l'Hôpital 8 in Neuchâtel. The company was simultaneously registered in three languages as Ebauches S.A. (which became the most common name), Ebauches A.G., and Ebauches Ltd. The firm's purpose was "to safeguard the interests of the industry of watch ebauches and watchmaking in general and to contribute to its development by buying all or part of the shares of ebauche factories, by participating in the administration of them, and controlling them both financially and technically." Initial share capital was twelve million francs, divided into 24,000 shares worth 500 each.

The founding board of directors was composed of the following representatives:

The initial management team was selected by the board on February 5, 1927, and consisted of the following:

Company Timeline

Ebauches SA allowed most companies to remain independent but promoted and enforced specialization to reduce competition and sustain higher pricing. Ebauches Bettlach focused on lower-end movements, FHF was the volume maker, Valjoux, Venus, and Landeron produced chronographs, and Felsa, ETA, and A. Schild were allowed to dominate automatic movements once that technology was ready.

Detailed Timeline