Progress Watch AG was founded in 1999 in Bienne/Biel Switzerland as a subsidiary of Progress Watch Company of Las Vegas, Nevada. In 2000, the company purchased a production facility in Tramelan, Switzerland. The company was traded on the NASDAQ in the United States in 2000 under the symbol, PROW.
By 2001 the company gained attention for producing a large volume of affordable tourbillon movements. Cal. 6361 was a tourbillon that leveraged many ETA 2892A2 components, a situation that caused conflict with ETA. Internal difficulties and liquidity problems hinder the further production and the company declared bankruptcy later that year.
Progress was purchased by a Dutch group in 2003 and renamed Swiss Time Technology (STT). The company diversified and turned their focus away from affordable tourbillons. Progress created a hairspring factory, Spirit, giving them unique production capabilities. During this time, the tourbillon was further developed and renamed Cal. 13.21, with a longer power reserve and other modifications. STT tourbillons were also used in the Antoine Preziuso 3volution triple-tourbillon. The company was able to produce these movements in volume for clients like Alain Silberstein, Chronoswiss, EPOS, Frederique Constant, Jacques Etoille, Joseph Chevalier, Technomarine, and UTS. At this time, “STT Complications” began producing advanced haute horology movements for Bovet Fleurier while “STT Mechanical Movements” specialized in more mundane movements and components.
In 2006, STT was purchased by Pascal Raffy, owner of Bovet Fleurier, Aubert Complications, and Valor, Lopez & Villa. It was eventually combined with the rest of Raffy's holdings to become Dimier 1738. From 2006 STT pursued with the project START the development of the “Triple Axes Tourbillon Movement”. 2008 the START Tourbillon was presented with great success at the watch fair Baselworld and the SIHH in Geneva. The company refined their signature tourbillon as well, presenting Cal. 13.75 with 110 hours of power reserve and a date wheel rather than open heart. And STT turned to more mundane movements, especially Cal. 11.50, an automatic movement available in many variants for clients including Jacques Etoile.
Progress worked with Peter Speake-Marin on his work with Harry Winston, supplying components and expertise. The company also developed advanced tourbillons for Bovet Fleurier and others. It continues to this day as part of Dimier 1738.
Progress Watch Corp.
3155 East Patrick Lane, Suite 1
89120 Las Vegas, Nevada, USA
Office Switzerland Progress Watch Corp.
Tel. +41 (0)26 670 09 32
Fax +41 (0)26 670 09 34