Last week, news broke in a local newspaper that Timex Group USA conditionally sold their headquarters in Middlebury, Connecticut for $7.5 million. An older Timex that belonged to a family member. The buyer plans to build a "food distribution center" on the property, but the sale will only go through if certain wetlands permits are approved. Moreover, "On May 10, the Middlebury Conservation Commission approved the permit for a food distribution center consisting of a 540,000-square-foot building and a smaller 180,000-square-foot building on a 111-acre site consisting of the 93-acre campus of the Timex property and a neighboring 18-acre property on Southford Road belonging to another Drubner family partnership." Further complicating the matter is the fact that a politician elected to state government managed to slip a clause into a two year budget bill making it even harder for the potential buyer to build the food distribution center. Said politician lives across the street from the Timex property.
Satellite view of the soon former Timex HQ, source: Google Maps.The sale of the property may be related to Timex's November, 2020 sale of a majority stake to hedge fund Baupost Group, headquartered in Boston. Apparently, there's nothing quite like a $7.5 million cash injection to make an investment feel worthwhile. Although, considering the fact that Baupost manages a $29 billion portfolio, $7.5 million may not be a big deal.
But where is Timex moving to? I reached out to their press contact and did not receive a response. I'm not entirely surprised by this. I've observed that news media in Connecticut like to make a big deal out of the decision of a corporation to move out of the state, as does the Governor. I wouldn't blame Timex if the brand was trying to keep all this quiet so that they didn't have to field any calls from an agitated state official.
Time will tell where the company lands (pun intended). The brand's had a hot hand in recent years, with offerings designed by Giorgio Galli pleasing many collectors and enthusiasts. Let's hope their relocation doesn't disrupt that trend.
My book on the history of Rolex marketing is now available on Amazon! It debuted as the #1 New Release in its category. You can find it here.
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