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Concept
Timex Group USA
Summary
Timex Group USA, Inc. (formerly known as Timex Corporation) is an American global watch manufacturing company founded in 1854 as the Waterbury Clock Company in Waterbury, Connecticut. In 1944, the company became insolvent but was reformed into Timex Corporation. In 2008, the company was acquired by Timex Group B.V. and was renamed Timex Group USA.
Thomas Olsen purchased the Waterbury Clock Company in New York in 1941 and renamed it Timex, inspired by the names of Time magazine and Kleenex.
Brass manufacturer Benedict & Burnham created Waterbury Clock Company in 1854 to manufacture clocks using brass wheels and gears. Waterbury Clock Company was legally incorporated on March 27, 1857, as an independent business with $60,000 in capital. The American clock industry was producing millions of clocks with scores of companies located in Connecticut's Naugatuck River Valley, earning the region the nickname "Switzerland of America". The Waterbury Clock Company was one of the largest producers for both domestic sales and export, primarily to Europe.
Ingersoll Watch Company
The company originally produced clocks as less expensive alternatives to the high-end European counterparts of the time. In 1887, they introduced the large Jumbo pocket watch, invented by Archibald Bannatyne and named after the famous P. T. Barnum elephant. The Jumbo was put on the market in New York City on a trial basis, catching the attention of Robert H. Ingersoll, a salesman and eventual marketing pioneer. During the turn of the century, Waterbury Clock Company produced millions of pocket watches for the Robert H. Ingersoll & Bro. watch company, in which Robert partnered with his brother Charles. In 1896, Ingersoll introduced the Ingersoll Yankee, a dollar pocket watch supplied by Waterbury Clock Company. These watches gained such great popularity that they became known as "the watch that made the dollar famous."
In 1877, a new prototype was introduced to Benedict and Burnham for an inexpensive pocket watch made of 58 parts, mostly punched sheet brass.
Official source
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