Residing in the States, it’s easy to assume many beloved brands are American, but that’s not always the case. For example, Lululemon, widely recognized for its athletic apparel, is actually a Canadian company. Budweiser, though originally American, is now owned by the Belgian-Brazilian conglomerate Anheuser-Busch InBev. Even Timex, the iconic watch brand, has an international story.
Timex is often seen as an American brand due to its strong ties to U.S. culture and origins. Yes, in 2020, The Baupost Group, a Boston-based private equity firm led by Seth Klarman, successfully returned the brand to American ownership. However, if you bought a Timex watch between 1941 and 2020, it was actually a Norwegian Timex, as it was owned by Fred. Olsen & Co., based in Oslo, Norway. During that period, Timex produced millions of watches annually, making it one of the most popular watch brands worldwide.
The Waterbury Clock Company, a Connecticut-based firm founded in 1854, was acquired during World War II, in 1941, by a group of Norwegian investors led by Thomas Olsen and Joakim Lehmkuhl of Fred. Olsen & Co. These prominent businessmen, along with their fellow investors, played a crucial role in revitalizing the company and transforming it into what eventually became the United States Time Corporation, later, in 1950, known as Timex.
The “Timex” brand combined “Time” with “X,” the name was selected by company executives to reflect a modern and straightforward identity for their new line of durable and affordable watches.
While the company produced other timekeeping products, it was the Timex brand that dominated the market and became synonymous with affordable, durable watches. The iconic slogan “It takes a licking and keeps on ticking” solidified Timex’s position as a household name.
Thomas Frederik Olsen, born in 1897 in Kongsberg, Norway, and Joakim Lehmkuhl, born in 1895 in Bergen, Norway, significantly expanded Petter Olsen’s vision for Fred. Olsen & Co. They grew the family business into a diverse enterprise involved in industries such as shipping, renewable energy, and more – including timepieces. Their leadership also saw the development of Fred. Olsen Cruise Lines, a successful venture known for its unique itineraries and personalized service.
Throughout its history, Timex has introduced several groundbreaking features. The Indiglo Night-Light, launched in 1992, revolutionized watch visibility with full-dial illumination. Timex was also a pioneer in creating durable, water-resistant watches for everyday wear. The Ironman Triathlon series, introduced in 1986, became a favorite among athletes with its lap memory and rugged design. The 1979 Timex Q debuted with a quartz movement and iconic Pepsi bezel. Additionally, the Timex Electric watch, introduced in 1952, marked a significant leap in innovation as one of the first battery-powered watches. However, Timex’s lasting reputation is solidified by its unparalleled durability and affordability.
The decision to sell Timex in 2020 was driven by strategic business considerations, including a desire to capitalize on the brand’s value and refocus on other ventures. This move marked Timex’s return to American ownership, with The Baupost Group, signifying a new chapter in its storied history. As the saying goes, “Welcome (back) to America!”
As we come full circle, can you think of another well-known household brand with international origins?
