Citizen Watch to re-organise for growth

Citizen Watch, manufacturer of Citizen sliding-head autos, is to adopt a pure holding company structure with the intention of boosting growth and increasing R&D for newly created subsidiaries. The company's sliding-head auto business currently sits within Citizen Watches' Industrial Machinery activity which is to become one of a number of free-standing subsidiaries. The target date for the change is 1 April 2007, following approval at a shareholders' meeting in December. The holding company will remain listed in the Tokyo Stock Exchange and subsidiaries of Citizen Watch will become subsidiaries of the holding company.