Citizen Watch Co. has acquired Bulova Corp. from Loews Corp. for $250 million as part of its strategy to become a multibrand company.
Citizen said its goals with the brand are to strengthen its international expansion and improve operations.
Bulova, the 133-year-old timepiece firm, will maintain its offices and operational structure. Bulova is based in Queens, N.Y., with offices in Switzerland, Canada, Mexico and the Far East.
The firm will be managed by Dennis W. Perry, who has been named president, and Carl E. Rosen, chief executive officer.
Perry, who has been with the firm since 2002, was chief strategic officer and responsible for sales, marketing and merchandising. Rosen, who has been associated with Bulova since 1980, was most recently senior vice president for worldwide operations.
Bulova creates watches and clocks under the names Bulova, Bulova Clocks, Accutron, Caravelle and Wittnauer. Citizen Watch Co., founded in 1930, is based in Tokyo and produces watches, information equipment, electronic equipment, industrial machinery and equipment and jewelry.