Japanese watch maker Citizen Holdings Co. said Thursday that it will buy U.S. watchmaker Bulova Corp., for about 28.8 billion yen ($247 million). Loews Corp., the New York-based holding company, has owned Bulova for almost 25 years.

The purchase will reportedly enable Citizen Watch Co., a leader in the global watch industry, to expand further in the United States, the world’s largest watch market, where it is already a leading watch brand, and to strengthen its presence in the $200 to $600 segment of the market.

The purchase will be completed Jan. 10, when Citizen buys 100 percent of Loews shares in Bulova, JCK was told.

found at jckonline.com

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