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Patek Philippe Is Now a Stakeholder In Geneva-based Gem-setting Firm Salanitro September 16, 2022 (0 comments)
Geneva, Switzerland--Patek Philippe has acquired an undisclosed stake in Salanitro SA, a Geneva-based jewelry gem-setting and design company.
[Image via Wikimedia Commons]
According to a report, Salanitro has a diversified designing portfolio which includes making components such as cases and bracelets. The company, founded in 1990, has been a primary supplier to some of Switzerland's prestigious watchmakers.
The partnership comes with the campanies' shared passion for creativity, innovation, quality, craftsmanship, respect for tradition, and a sense of service and responsibility towards its customers, marking independence and family spirit.
"We believe that this is a great opportunity to contribute to securing the future as well as the continuity of a Geneva-based family business to which we are close, and with which we share the same values of excellence, independence and family spirit," said Patek Philippe president Thierry Stern as per the report. "We are delighted to further strengthen our ties with Pierre Salanitro. His well-run business is ideally positioned to continue to grow and develop its production capacity in the jewellery watch segment, which offers significant potential for development."
The acquisition of the undisclosed stakes won't impact the operations at Salanitro but will see the company securing its future beyond its founder, president, and CEO, Pierre Salanitro, 56. Per the report, his children are unwilling to carry the business forward, and Patek Philippe would be ensuring the long-term future of the company's 230 employees.
Read the original report.