In keeping with its strategy of becoming a multibrand company, Citizen Watch Co. Ltd. has acquired fellow watch company Bulova Corp. from Loews Corp. for $250 million.

Bulova will operate as an independent subsidiary. It will maintain its current offices and operational structure. Bulova is headquartered in New York, with offices in Switzerland, Canada, Mexico and the Far East. The firm will continue to be managed by its current executive team including Dennis W. Perry who has been named president and Carl E. Rosen who is now chief executive officer.

For more, see Monday’s issue of WWD.

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