====== ASUAG ======
**ASUAG** ("Allgemeine Schweizerische Uhrenindustrie AG", French "Société Générale de l'Horlogerie Suisse") was a group of Swiss watch companies formed to protect the industry from financial collapse in [[1931]] and which became part of [[SMH]] (now the [[Swatch Group]]) in [[1985]].

===== History =====
Like [[SSIH]], ASUAG was a grouping of independent Swiss watch and component companies. Although they joined together under this umbrella, they remained quite independent. ASUAG allowed the companies jointly to set pricing and limit exports, reducing competition and increasing profitability of the industry. It also acted to push for mergers of smaller member companies as needed to support production.

During World War I, many Swiss watch component makers turned to production of armaments and ammunition. This provided much-needed employment and financial resources and allowed many to grow. But after the war, when these companies turned back to watch production, their newfound strength led to a glut of product on the market. Soon, the component makers especially began to undercut each other, "dumping" product in America just to keep operating. When the great depression hit, the industry was greatly in debt and over-extended. The drop was dramatic Swiss watch exports fell in value from 307 million Swiss francs in [[1929]] to 86 million in [[1932]], while the average price of Swiss watch movements was reduced from 13 Swiss francs to 7 in [[1935]].

The Swiss banks invested in ASUAG as a way to rebuild stability in the Swiss Swiss watch industry, and the group was founded on August 14, [[1931]]. They invited many of the [[ebauche]] and parts manufacturers to join the group and set limits on pricing, production, and exports. The initial talks to form the Société Générale de l'Industrie Horlogère Suisse were held in July on [[1931]] at the direction of the Swiss banks, the [[FH]], the [[UBAH]], and [[Ebauches SA]]. The group would include Ebauches SA (which by that point included a dozen of the strongest [[ebauche]] makers) as well as makers of [[assortment]]s, [[balance wheel]]s, and [[hairspring]]s. At a meeting on August 14 at the Banquet Cantonale Neuchâteloise, the Société Générale de l'Horlogerie Suisse or Allgemeine Schweizerische Uhrenindustrie AG was officially organized with 10 million Swiss francs of share capital. The board of directors included bankers, [[Strahm, Ernest|Ernest Strahm]] of [[Zenith]], [[Ebauches SA]], and makers of components including [[Fabriques de Spiraux Réunies]], with M. Hermann Obrecht as President. [[Longines]], [[Mildia]], [[Kummer]], and [[Schild Frères]] were involved in the creation but were not represented in management.

In addition to Ebauches SA, ASUAG was founded by [[Fabriques de Spiraux Réunies]] (FSR), a holding company for makers of [[balance spring]]s. Two more such holding companies were quickly registered: [[Fabriques d'Assortiments Réunies]] (FAR) was registered on September 9, [[1932]], and [[Fabriques de Balanciers Réunies]] (FBR) on October 24,  FAR was composed of many makers of balance springs and was headquartered in [[Le Locle]]. FBR was a holding company for [[balance wheel]]s and other small mechanical components and was located in [[Ponts-de-Martel]] nearby.

By the 1970's, ASUAG was the world's largest producer of watch movements and components.

==== Timeline ====
  * [[1931]] - [[Ebauches SA]] is a founding member of ASUAG. It includes [[A. Schild]], [[FHF]], and [[AMSA]].
  * [[1932]] - [[Gebrüder Schild & Co]] is divided into two parts within ASUAG Watch production was reorganized as [[Eterna SA]] under General Watch Co., while the movement manufacture [[ETA|ETA SA Fabrique d'Ebauches (ETA)]] became part of [[Ebauches SA]].
  * [[1932]] - [[Fabriques d'Assortiments Réunies]] is created as a holding company for makers of [[assortment]]s.
  * [[1932]] - [[Fabriques de Balanciers Réunies]] is created as a holding company for makers of [[balance wheels]].
  * [[1932]] - [[Fleurier Watch Co.]] is split, with movements going to [[Ebauches SA]].
  * [[1932]] - [[Auguste Reymond]] is split, with movements ([[Unitas]]) going to [[Ebauches SA]] and watches ([[ARSA]]) in ASUAG.
  * [[1932]] - [[Manzoni]], [[Moser]], and [[ED Kummer]] become part of [[Ebauches SA]].
  * [[1932]] - [[Atlantic]] becomes part of ASUAG.
  * [[1933]] - [[Peseux|Peseux SA]] becomes part of [[Ebauches SA]].
  * [[1938]] - [[Champagne]] becomes part of ASUAG.
  * [[1941]] - [[Derby]] becomes part of [[Ebauches SA]].
  * [[1941]] - [[Precimax]] and [[Gigantic]] become part of ASUAG.
  * [[1942]] - [[Glycine]] becomes part of ASUAG.
  * [[1944]] - [[Valjoux|Valljoux SA]] becomes part of [[Ebauches SA]].
  * [[1948]] - [[Eterna]] produces its first [[automatic]] watch, the [[Eterna-Matic]].
  * [[1966]] - ASUAG creates [[Chronos Holding|Chronos Holding SA]], which took over the newly-defunct [[Cyma]] and [[Tavannes]] brands, as well as taking a stake in [[Gruen]].
  * [[1966]] - [[Venus]] is absorbed by [[Valjoux]]
  * [[1967]] - [[Ebauches SA]] creates [[Ebauches Electronic SA]] and begins production of [[quartz]] crystals, integrated circuits, and other [[electronic watch]] components.
  * [[1967]] - [[Ebauches SA]] purchases [[SEFEA]] in [[Annemasse]], [[France]] and [[Durowe]] of [[Pforzheim]], [[Germany]].
  * [[1968]] - ASUAG creates [[Pierre Holding SA]] in [[Bienne]] for member manufacturers of watch [[jewel]]s.
  * [[1968]] - [[Chronos Holding]] creates [[Synchron]], which includes [[Cyma]], [[Doxa]], and [[Ernest Borel]].
  * [[1971]] - ASUAG begins the creation of [[General Watch Co.]] to manage production of complete watches. Seven companies are integrated, including [[Certina]], [[Edox]], [[Eterna]], [[Mido]], [[Oris]], and [[Technos]]. Later in 1971, General Watch Co. adds [[Longines]], owner of [[Record]] and [[Rotary]].
  * [[1974]] - General Watch Co. is expanded with five more companies added.
  * [[1978]] - [[Cyma]] is sold by [[Synchron]] and moved to the [[Doxa]] factory in [[Le Locle]].
  * [[1979]] - [[ETA SA]] and [[A. Schild|A. Schild (AS)]] are merged to become the modern [[ETA|ETA (Fabrique d'Ebauches ETA. SA)]] and movement production is focused from 136 to just 40.
  * [[1979]] - [[ASULAB SA]] is founded in [[Neuchâtel]] to coordinate industrial research for the group.
  * [[1979]] - ASUAG becomes a majority shareholder in [[Statek Corporation USA]], which produces quartz crystals and electronic components.
  * [[1980]] - [[Synchron]] is sold, including [[Doxa]], and [[Ernest Borel]].
  * [[1981]] - One more company is added to General Watch Co.
  * [[1982]] - ETA is expanded to include [[ETA]]'s [[Grenchen]] operations, [[FHF]] in [[Fontainemelon]], [[EEM]] in [[Marin]], [[SEFEA]] in [[Annemasse]], [[France]] and [[Durowe]] of [[Pforzheim]], [[Germany]].
  * [[1982]] - [[Oris]] is reorganized and spun-out in a management buy-out.
  * [[1982]] - [[Eterna]] is sold to [[Porsche Design|PCW (Porsche Design)]] and then to [[Citychamp|International Volant (now Citychamp)]] in [[2012]].
  * [[1983]] - Swiss banks take expand their stake in ASUAG from 38% to 97.5% on July 29, and merge ASUAG with [[SSIH]] in December as **Asuag-SSIH**.
  * [[1983]] - [[Edox]] is spun out in a management buy-out.
  * [[1984]] - [[Auguste Reymond]] is spun out in a management buy-out.
  * [[1985]] - A massive reorganization of the Swiss watch industry results in the creation of [[SMH|SMH (Swiss Corporation for Microelectronics and Watchmaking Industries Ltd)]] as a holding company for Asuag-SSIG and all of its components.
  * [[1985]] - [[Roamer]] is spun out in a management buy-out, purchased by [[Chung Nam]] in [[1994]], and reorganized with [[Swiss Watch Group]] in [[2009]].
  * [[1991]] - SMH acquires [[PUW Porta]] of [[Pforzheim]], [[Germany]].

===== Merger with SSIH into SMH =====
The [[quartz crisis]] of the 1970's greatly affected ASUAG, with production falling by 80% and many companies in crisis. It was merged with [[SSIH]] to become **Asuag-SSIH** in [[1983]] and finally **[[SMH]]** in [[1985]]. Unlike ASUAG, SMH sought aggressively to merge companies and reduce costs. All watch movement was consolidated into [[ETA]], formerly the watch movement arm of [[Eterna]].

Numerous watch brands were shut down or spun out of SMH due to market overlap. The following would no longer continue 

  *[[Auguste Reymond]] (Independent by management buy-out in [[1984]])
  *[[Atlantic]] (Part of [[UVB]] and focused on Eastern European market)
  *[[Edox]] (Management buy-out in [[1983]])
  *[[Eterna]] (Sold to [[Porsche Design|PCW (Porsche Design)]] and then to [[Citychamp|International Volant (now Citychamp)]] in [[2012]])
  *[[Oris]] (Reorganized in [[1982]] with a management buy-out)
  *[[Roamer]] (Management buy-out in [[1985]], purchased by [[Chung Nam]] in [[1994]], reorganization with [[Swiss Watch Group]] in [[2009]])
  *[[Rotary]] (Management buy-out to become part of [[Dreyfuss Group Holdings]], which was purchased by [[China Haidian]] in [[2014]])
  *[[Technos]] (Now part of Technos Brazil and no longer Swiss Made)

SMH was renamed [[Swatch Group]] in the 1990's and is today the largest Swiss watch company.

===== Companies =====
The companies joining ASUAG mainly fell into two categories 

  * Watch movement companies became part of [[Ebauches SA]], an earlier attempt to create a holding company for watch movement manufacturers that included [[A. Schild]], [[FHF]], [[Venus]], [[Landeron]], and [[Lemania]]
  * Watch companies became part of General Watch Co. after [[1971]]

==== Ebauches SA ====
**Ebauches SA** would be the holding company for most watch movement and component production under ASUAG, Asuag-SSIH, and SMH. Most of these operations were merged into the modern [[ETA]] in [[1979]], with the remainder added in [[1982]]. Nearly all of these companies, along with their factories, are now part of ETA or are defunct.

  * [[A. Schild]] (founded Ebauches SA in 1926)
  * [[FHF]] (founded Ebauches SA in 1926)
  * [[Charles Hahn & Cie]] (joined between 1926 and 1928)
  * [[Ad. Michel]] (joined between 1926 and 1928)
  * [[Guerrin-Bourquin & Cie]] (joined between 1926 and 1928)
  * [[Hora]]/[[Cortebert]] (joined between 1926 and 1928)
  * [[Felsa]] (joined between 1926 and 1928)
  * [[Venus]] (joined between 1926 and 1928)
  * [[Unitas]]/[[A. Reymond]] (joined between 1926 and 1928)
  * [[ETA SA]] (joined 1932)
  * [[Fleurier Watch Co.]] (joined 1932)
  * [[Peseux]] (joined 1932)
  * [[Derby]] (joined 1941)
  * [[Valjoux]] (joines (1944)
  * [[EEM]] (joined 1982)
  * [[SEFEA]] (joined 1982)
  * [[Annemasse]] (joined 1982)
  * [[Durowe]] (joined 1982)

==== General Watch Co. ====
ASUAG also included a subsidiary for vendors of complete watches, General Watch Co. Ltd. (GWC). This is a literal translation of the German expansion of ASUAG's name "Allgemeine Schweizerische Uhrenindustrie AG" means "General Swiss Clock (or Watch) Company."

General Watch included the following brands 

  * [[Auguste Reymond]] S.A. (Brands [[Arsa (watches)|Arsa]], [[Damas (watches)|Damas]] and [[Hoga watches|Hoga]]) (spun out after [[1977]])
  * [[Atlantic]] S.A (spun out after [[1977]])
  * [[Certina]] (Still part of Swatch Group)
  * [[Diantus]] (defunct)
  * [[Dynasty]] (defunct)
  * [[Edox]]/[[Era]] (spun out after [[1977]])
  * [[Endura Watch Factory|Endura]] (Still part of Swatch Group, private label brand)
  * [[Eterna]] (spun out)
  * [[Hamilton Watch Company|Hamilton]] (Still part of Swatch Group)
  * [[Longines]] (Still part of Swatch Group)
  * [[Microma]] (defunct)
  * [[Mido]] (Still part of Swatch Group)
  * [[Oris]] (spun out)
  * [[Rado]] (Still part of Swatch Group)
  * [[Roamer]] (spun out)
  * [[Rotary|Rotary Watches]] (spun out after [[1977]])
  * [[Technos]] (spun out after [[1977]])

{{wst>author|[[Stephen Foskett]] ([[https://grail-watch.com/|Grail Watch]])}}

{{tag>Organizations_and_institutions Abbreviations Watch_trusts General_Watch_Co. Swatch_Group ASUAG}}