Rolex plans major 1 billion Swiss francs expansion in Switzerland
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ROLEX, the biggest Swiss luxury watchmaker, is planning a major new production facility in Bulle, Switzerland, public broadcaster RTS reported.
Rolex could invest 1 billion Swiss francs (S$1.4 billion) in the manufacturing operation that would create about 2,000 new jobs, RTS reported citing officials from the canton of Fribourg.
An official deal for the acquisition of land for the new site is set to be signed next month, according to the report. The facility would aim to begin operations in 2029.
Rolex declined to comment.
Headquartered in Geneva, where it also assembles and carries out quality checks on its watches before they are sent to authorised dealers, Rolex also has factories in the municipalities of Chene-Bourg, Plan-les-Ouates and Biel.
Rolex is controlled by a foundation named after its founder Hans Wilsdorf and produces roughly 1 million watches a year, generating sales of around 8 billion Swiss francs, according to Morgan Stanley estimates. BLOOMBERG
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