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ETA, which is nowadays part of Swatch Group, is the largest Swiss manufacturer of movements, including the expensive mechanical movements appreciated by the amateurs of high horology. Behind these three rough letters, more romantic denominations like Valjoux, Unitas, and Peseux denote some hidden treasures, one would like to discover.

ETA was not established in one day. The birth of such an industrial concentration actually even required the energetic intervention of the Swiss Confederation itself. Curiously this enthralling history is difficult to reconstitute. Only many partial documents exist (see bibliography), but there is not a single comprehensive account relating its history since the creation of Ebauches S.A. in 1926 until today’s Swatch Group.

Please read the following essay: you will discover there hopes and dramas, splendid successes and treacherous cowardice; a summary of Switzerland’s soul and of life itself.

Chapter 1. Genius’ stroke: establishing of a private limited company (SA):

1921: Clock and watch makers are by nature individualistic: entrenched at their "bench”, at the practice of watch making, each single one tends to keep his individual know-how secret and intends to manage his business by himself. In fact, when a crisis occurs, as now at the beginning of 1921, he shall try and manage individually to market his own products at more or less discounted prices and by more or less legal ways: most criticisable behaviour being the "chablonnage", i.e. the export of all the unassembled parts of a movement, avoiding all federal laws prohibiting the sale of Swiss movements out of the Confederation. Obviously the chablonnage is an unfair competition against the manufacturers of complete watches, the famous "Manufactures", which, at this beginning of the 20th Century, have started marketing in increasing number their own watches under their own brand: Omega, Zenith, Longines, etc, etc.

1924: In a trial to “discipline” the profession, these “Brand” manufacturers create in 1924 the FH Federation of Swiss Watch Manufacturers. The situation is complex, establishing & implementing the right strategy difficult. The movement, the famous Swiss movement, which now the whole world envies, is the basic problem, comprising so many different parts from so many basically different production methods & sources. There are the “Ebauches”, manufactured by large companies with hundreds of employees. There are the lever “assortiments”, the balance wheel, the balance-spring, the various jewels, the mainspring: all these small parts being manufactured by a multitude of micro-companies, sometimes a simple workshop at the corner of a barn.

1926-1927: The solution is to create the “Union of the Annex Branches of the Horological industry “UBAH”, in 1927. The objective is to encourage the self-discipline and to narrowly supervise quality, costs & prices, in order to avoid the self-destructive cycles of price collapse followed by price inflations & vice versa. Step by step, the application of “UBAH’s” philosophy slowly grabs in.

Meanwhile, the “Ebauches” makers’ struggle is complicated by the sheer size of the financial issues. In January 1925, 26 Ebauches manufacturers try to find some unity. That was a waste of time and effort, as one year later one of them unilaterally lowers its prices drastically. At this stage, the Swiss banks’ involvement is necessary (heavily implied in the financing of these large factories they obviously favour market stability). Mandate is given to the Swiss Fiduciary Limited Company of Basle to find a proper solution.

The Swiss banks do not have a reputation of audacity. However they are willing to actively support a stroke of genius: December 27, 1926, in Neuchatel, it is not an association, not a manufacturers’ union, it is a Limited Company of private law. And with the assistance of the banks it is rich, very rich, and hence powerful.

Ebauches S.A. was born out of the willingness for cooperation with the Swiss Banks of the then three biggest manufacturers: AD. MICHEL SA, Grenchen, created in 1898 by Adolphe Michel and Jean Schwarzentrub, A. SCHILD SA, also in Grenchen, created in 1896 by Adolf Schild-Hugi, and FHF “Fabrique d’Horlogerie de Fontainemelon SA”, Fontainemelon, created in 1793 by Isaac and David Benguerel, associated with Julien and François Humbert-Droz. At this stage, these three factories manufacture more than 75 % of the Swiss Ebauches. A. SCHILD SA, for example, employs more than 2100 people.

When Ebauches SA invites to its table of negotiation, it is not for idle talks, it is to speak about mergers, which it can easily finance. One after the other, numerous small manufacturers yield to Ebauches SA’s offers. In 1927, nine companies are bought off: Hora, Sonceboz and Charles Hahn, the manufacturer of the “Landeron” stop watches’ movements. In 1928 ten others follow, amongst which: Felsa, Venus, Root, Bovet, Optima. In 1929, eight more, including Urania and Postala.

As a positive result of this concentration, those & the “Brand Ebauches manufacturers” are able to agree upon and sign in Bern on December 1, 1928 the “convention de chablonnage” which regulates in a drastic way the export of “chablons”.

But that was a bit too early.

The still independent Ebauches manufacturers, called the “dissidents”, feeling unconcerned, do not follow the rules and export “chablons” at an increasing rate, provoking a glut on the market, just at the moment when the 1930 depression entices the United States of America, then first market of export for Swiss watches – otherwise the cantor of liberalism - to increase by 300 to 500 % their customs duties, leading watch making individualism to prevail again.

With the result that, in December 1930, the “convention de chablonnage” is voided.

Chapter 2. From the Holding Company to the Super Holding Company.

1930: at the beginning of the Thirties the situation of the Swiss Watch Industry is dramatic indeed. Bankruptcies follow one another, nearly 20 000 watch makers are unemployed. Watch Industry related Swiss Banks and Associations then decide to take a further calculated gamble, recognising that the strategy, which governed to the creation of Ebauches S.A., was correct. Simply, it had not been carried out fully, i.e. until the complete concentration of the Ebauche manufacturing. Following action plan is accordingly decided:

1. Creation of a Super Holding Company with equal financial participation between the Watch Industry and the related Swiss Banks,
2. Take over of the majority of the shares of Ebauches S.A. by the super holding
3. Financial participation of the Swiss Confederation,
4. Concentration of the other essential movement parts, i.e., lever assortment, balance wheels, balance-springs and acquisition by the super holding of the majority of the shares of all related companies