Financial Times FT.com

Stockpiles keep companies cautious

By Scheherazade Daneshkhu in Paris

Published: November 13 2009 15:55 | Last updated: November 13 2009 15:55

Overlooked by the Jura mountains, the foundation stone of a new building on the outskirts of Bienne, in the heart of Switzerland’s watchmaking industry, was laid in September. Rolex’s three-year project to merge its various Bernese manufacturing centres, through the expansion of its existing Bienne site, is a sign of hope for a watch industry suffering in the teeth of the recession.

“Despite the economic crisis, Rolex is actively preparing for the recovery in a spirit of complete confidence,” said Bruno Meier, chief executive, at the stone-laying ceremony. “The start of work on this site in Bienne is the finest proof that could be given of that fact.”

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