Today, Salanitro SA announced that it has acquired Patek Philippe’s stake in its capital. The investment amount and stake size were not disclosed. This entry into the capital of the gem-setting company marks the merger of two independent Geneva-based family businesses. If Patek Philippe needs a little introduction, Salanitro SA is a company in the Swiss watch industry, the most prominent player in the jewelery and gemstone setting operations for Swiss haute horlogerie. Founded in 1990, Salanitro SA has no less than 230 employees.
This operation is an opportunity to strengthen the relationship between the two companies. For Salanitro SA, it is also a way to secure the future of the company with Patek Philippe’s backup, above all Pierre Salanitro’s children have no intention of being involved in the management of the family business.
Thierry Stern commented: “We believe this is a great opportunity to contribute to securing the future as well as the continuity of a close-knit Geneva-based family business with which we share the same values of excellence, independence and family spirit. We are pleased to further strengthen our relationship with Pierre Salanitro. His well-run business is ideally positioned to thrive in the jewelery watch segment and develop its production capacity, which offers significant potential for growth.“
Pierre Salanitro added: “I am very proud and happy that Patek Philippe has acquired a stake in my company. Patek Philippe is an iconic manufacturer that represents the ideal partner to secure the company’s future. I have great confidence in Thierry Stern and his team to continue our operations and guarantee jobs beyond generations.“