Oct. 2, 2002 – The watch assembly company Unitime Industries will close its doors on St. Croix at the end of the year, company spokeswoman Beatrice Howald said Wednesday via e-mail from her office in Switzerland.
The 50 St. Croix employees will be offered a "transitional severance plan," Howald said.
"It's another tragedy. That's 50 steady jobs not dependent on cruise ships or the season," Frank Fox, St. Croix Chamber of Commerce president, said. "St. Croix has lost so many jobs over the year," he added.
Unitime's presence on St. Croix has been an advantage because it helped to diversified the economy, Fox said.
Howald said the closing of the operation in Estate Diamond is part of a strategic plan by Unitime's parent company, the Swatch Group of Switzerland, to optimize its Swiss-based distribution system. She did not respond to an e-mailed query about whether the company would relocate the plant or simply discontinue its operations.
Fox said he fears that St. Croix will not be able to attract another watch assembly company to replace Unitime. He cited long delays in getting business licenses, high insurance costs and a hostile business environment as obstacles to attracting new businesses to St. Croix. "We have such an anti-business climate here," he said.
Howald said Unitime manufactures watches for Swatch's Hamilton brand.
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