Minsk Watch Plant may be sold to ailing Swiss company

BDG reports citing the Swiss business magazine Bilan that the Franck Muller Group faces financial difficulties with inventories building up and tax debts rising.

According to the Belarusian leader's press office, the Franck Muller Group plans to supply equipment worth $10 million to Minsk and organize an “absolutely new manufacturing process,” using the production facilities of Minsk Watch Plant. The Swiss company promises to employ 800 people, who would be paid Minsk’s average pay. The joint venture company would make relatively cheap watches and target CIS and other markets.

At the second stage, the Swiss company plans to build a “watch village” near Minsk, which would include a watch plant, a watchmaking college and retail stores.