====== Société Anonyme de Produits Industriels et Commerciaux ======
**Société Anonyme de Produits Industriels et Commerciaux** (**SAPIC**) was a [[holding company]] parent to [[Jaeger-LeCoultre]] and [[Vacheron & Constantin]] from [[1938]] to [[1965]].

===== SAPIC =====
The LeCoultre family formed Société Anonyme de Produits Industriels et Commerciaux (SAPIC) in [[1927]] as a holding company for their various watchmaking interests including [[Jaeger-LeCoultre|their watchmaking operation]] in [[Le Sentier]] and watch sales and distribution company in [[Geneva]]. Majority ownership in SAPIC was held by [[Jacques-David LeCoultre]]. In [[1937]], SAPIC purchased the Paris-based [[Etablissements Ed. Jaeger]], creating [[Jaeger-LeCoultre]].

In [[1937]], many watchmakers, including [[Vacheron & Constantin]] and Jaeger-LeCoultre, were recovering from the Great Depression but were unprepared to meet surging demand for watches. The boards of the companies decided to swap shares to bring Vacheron & Constantin under this holding company, with greater resources and access to capital for investment.

At that time, VC management joined the company as well, including [[Charles Constantin]], marketing director [[Georges Ketterer]] and administrative director [[Paul Lebet]]. Ketterer purchased Constantin's stake in [[1940]], taking control of the company away from the Constantin family for the first time. On Lebet's death in [[1945]], Ketterer became head of Vacheron & Constantin within SAPIC. Chairmanship of SAPIC fell to [[Roger LeCoultre]] in [[1948]] on the death of his father, Jacques-David, but Ketterer continued to amass shares and control of the company, becoming CEO that same year. In [[1965]], George Ketterer traded his shares of SAPIC for outright control of Vacheron & Constantin, dissolving the partnership between the two companies.

The result of this combination was quite successful for both companies. Jaeger-LeCoultre focused on creating movements, shipping [[ebauche]]s to Vacheron & Constantin for finishing. This sourcing arrangement would remain in place long after SAPIC was dissolved. Indeed, Vacheron Constantin today still uses some Jaeger-LeCoultre movement designs and the two companies have reunited under [[Richemont]] since [[2000]].

===== SAPHIR =====
  *See Also [[LMH]]

SAPIC became SAPHIR in [[1965]] on the exit of Vacheron & Constantin and was sold to the Favre family in [[1969]]. This brought Jaeger-LeCoultre and [[Favre-Leuba]] together under a similar arrangement. Difficult financial conditions in the 1970s meant trouble, and 65% of Jaeger-LeCoultre was sold to [[VDO Automotive]] in [[1978]] and the company was restructured. In [[1981]], SAPHIR purchased the watch distribution and brand of [[Jaeger]], which had been spun off as a separate concern the prior year. This was renamed Jaeger-LeCoultre France, resolving 50 years of confusion over the name.

The Favre-Leuba brand was sold to [[Benedom]], then [[LVMH]] in the next decades, but Jaeger-LeCoultre regained strength.

In [[1986]], [[Audemars Piguet]], who used many Jaeger-LeCoultre movements, purchased 40% of SAPHIR from VDO, 25% from the Ketterer family, and 20% from financial institutions. [[Gunther Blumlein]] of VDO saw the potential in the rebounding watch industry, and reorganized the watch operations of VDO, including SAPHIR, together as [[Les Manufactures Horologères]] (LMH) that same year.

LMH would become part of today's [[Richemont]], returning [[Vacheron Constantin]] and [[Jaeger-LeCoultre]] to the same holding company in [[2000]].

===== See Also =====
  * [[LMH]]
  * [[Vacheron & Constantin]]
  * [[Jaeger-LeCoultre]]

===== References =====
  * [[http://www.intlwatchleague.com/showthread.php?7260-Did-you-know-that-Favre-Leuba-once-owned-the-mighty-JLC|Did you know that Favre-Leuba once owned the mighty JLC?]]


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