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Le Locle (Switzerland), September 27, 2000 – Nivarox-FAR, a company of the Swatch Group of Switzerland, in Le Locle (Switzerland) has sold its metrology sector known under the CARY brand (gauge-blocks, plug and ring gauges, metrology equipments and calibration lab) to Brown & Sharpe Tesa SA in Renens (Switzerland), an affiliate of Brown & Sharpe, North Kingston (USA). The company will take over these activities as from October 1, 2000.

The transaction involves twenty-six employees. Twenty-three persons are taken over by Brown & Sharpe Tesa SA; three persons have been proposed internal transfers within the Swatch Group. Gross sales of the CARY sector in 1999 were approximately CHF 2,5 million. Its activities will be carried on in Le Locle where Brown & Sharpe wishes to preserve the know-how.

The reason for Nivarox-FAR’s decision was their will to focus their efforts on strategic core-competences: balance-springs, balances, escapements and other components for the watch industry. On the other hand, the CARY metrology sector– more related to the machines and tools industry – now has the possibility to develop their know-how within an international and renowned company whose strategic axis lies in the high precision metrology.

Brown & Sharpe’s gross sales achieved US$ 321 million in 1999. The Swatch Group realized gross sales of CHF 3626 million in 1999.