Citizen to buy Bulova for $247 million

Tokyo—In a move that it hopes will help its diffusion in the pooled States, Japanese watchmaker resident Holdings Co. said it would acquire rival Bulova Corp. from clustered Loews Corp. for approximately $247 million, according to news reports.

Citizen said it would buy the whole of each shares in Bulova in January from Loews, which has businesses across a number of industries including the financial, tobacco, energy and hotel offer for sales, Reuters reported.

A spokesman for Citizen reportedly said the acquisition fits into the company’s strategy to expand its portfolio of brands and strengthen its presence in the $200 to $600 price-point segment of the watch market.

A Bulova spokesman added that the move would help expansion in the United States, the world’s biggest market for watches. Bulova’s brands include Bulova, Accutron, Caravelle and Wittnauer.

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