According to National Jeweler, the fire is believed to have been caused by a faulty pump in the workshop. Swatch Group says it expects some delays in production, but believes it will be able to catch up within the first half of the year. Damage is estimated at $44.3 million to $55.4 million US.
It took crews about 45 minutes to have the fire under control at the facility, which is located in Grenchen, Switzerland. According to Swatch Group, no one was harmed and there was no activity at the workshop at the time. The fire did not spread to neighbouring workshops.
ETA manufactures automatic and quartz watch movements, componentry found in most Swiss watches.