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Richemont acquires VVSA

Oct 02 2012 16:48
I-Net Bridge

Company Data

COMPAGNIE FINANCIERE RICHEMONT SA [JSE:CFR]

Last traded 82
Change 1
% Change 1
Cumulative volume 170872
Market cap 0

Last Updated: 28-09-2016 at 09:48. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Swiss based luxury goods group Richemont [JSE:RCH] has acquired 100% of the capital of VVSA in a private transaction with the shareholder group‚ it said on Tueaday.

Based in Delémont since 1962‚ VVSA is a high-end manufacturer of stamped exterior components for watches‚ gold refiner and producer of semi-finished precious metal products destined for the watch and jewellery industry.

A historical partner of Richemont's Maisons and Manufactures‚ VVSA and its 250 employees will reinforce the group's industrial capabilities via their established technical know-how and state-of-the-art equipment.

The current Directors of VVSA‚ Damien Donzé‚ Alain Munier and Béat Chételat‚ have confirmed their commitment to manage the company‚ which will continue to serve its existing clients.

The transaction will have no material impact on Richemont’s consolidated net assets and is not expected to have any impact on the group’s profitability for the year ending March 2013, it said on Tuesday.

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