Critical steps included the merger of ASUAG and SSIH into SMH and the launching of a low-cost, high-tech, artistic and emotional В«second watchВ» вЂ“ the Swatch. In 1983, the soon to be renowned Hayek Study recommended a number of measures designed to enable the survival and ultimate recovery of the companies.

Hayek, at the time Chief Executive Officer of Hayek Engineering, received an assignment to develop a strategy for the future of both companies. Eventually, both ASUAG and SSIH faced liquidation, and foreign competitors were offering to buy prestigious brands such as Omega, Longines, Tissot, and others.ДЄt this point, Nicolas G. Foreign competition, in particular the Japanese watch industry, with its mass production of cheap new electronic products and new technology, was rapidly establishing a strong foothold in the market. Following repeated crises in the Swiss watch industry, by the 1970s both ASUAG and SSIH were once again in trouble. It proved difficult for both, however, to implement a common industrial policy for the subsidiaries concerned. In the 1930s, both ASUAG and SSIH sought to combat the severe economic crisis and ensuing unemployment by means of complementary research and development programs in their respective companies. ASUAG also expanded gradually through the purchase of companies that made movement-blanks and a number of finished watch manufacturers that were subsequently brought together under the subsidiary GWC General Watch Co. ASUAGвЂ™s mandate was to maintain, improve and develop the Swiss watch industry. By taking over companies that produced high-quality movements and a number of lower-end watch brands, SSIH gradually managed to establish a strong position as a Swiss watch manufacturer. SSIHвЂ™s principal objective was to market quality Swiss watches. ASUAG had been founded in 1931, SSIH a year earlier through the amalgamation of Omega and Tissot. At the time, both SSIH and ASUAG held a number of well-established Swiss watch brands. Hayek in 1983 through the merger Swiss watchmakers ASUAG and SSIH, was renamed The Swatch Group. In 1998, SMH (Swiss Corporation for Microelectronics and Watchmaking Industries Ltd.), founded by Nicolas G. Hayek was Chairman and Delegate of the Board of Directors of The Swatch Group Ltd from 1986 to 2010. Hayek have been widely recognized in Switzerland and beyond, resulting in a number of notable awards, including that of Doctor honoris causa, awarded by the Universities of NeuchГўtel and Bologna in 1998.В In 2003, he was named Officier de la LГ©gion dвЂ™Honneur de France. His innovative strategies also served as important models for the Swiss watchmaking industry as a whole and played a key role in the revival of the industry. His decisive leadership was critical to the launch of the Swatch watch in 1983 and subsequently drove the continuous development and improvement of all Swatch Group brands. Hayek led the firmвЂ™s recovery from a severe crisis. Hayek (1928-2010), the Swatch Group achieved worldwide renown as the crown jewel of the watchmaking industry. He held neither official function nor political office. Hayek did not exercise other executive or supervisory activities outside the Group. Hayek constituted Belenos Clean Power Holding Ltd, of which he was Chairman and Delegate. Hayek received the Swiss Lifetime Award, which was awarded for the first time. Hayek was awarded the distinction В«Grosses Ehrenzeichen mit SternВ» from the government of Austria, he was appointed В«Officier de la LГ©gion dвЂ™honneurВ» and В«Commandeur de lвЂ™Ordre des Arts et des LettresВ» by the government of France and was nominated honorary citizen of Biel-Bienne as well as of Meisterschwanden (Aargau). Hayek acted within the Advisory Board of EPFL (Ecole Polytechnique FГ©dГ©rale de Lausanne) and was also a member of the temporary advisory В«High Level GroupВ» of the European Union. Hayek was also Chairman of the Board of the Hayek Group, of which he was the founder and which also occasionally provides services for the Swatch Group.

The Universities of NeuchГўtel and Bologna conferred honorary doctorates on him. Hayek, strategic consultant of the Group since 1980, defined the guidelines for the merger of ASUAG-SSIH, and developed the future strategy of the Group. Hayek (1928вЂ“2010), Swiss citizen, Chairman and Delegate of the Board of Directors of the Swatch Group from 1986 to 2010.

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