Timex picks RP as distribution, logistics hub

TMX Philippines Inc., a unit of Connecticut-based Timex Corp., has chosen the Philippines as its distribution and logistics hub for its worldwide operations.

In line with this, the firm is expanding its production at its manufacturing facility inside the Mactan Economic Zone in Cebu City.

TMX Philippines is constructing a new factory building at the MEZ to increase the capacity of its existing production facility.

The Philippine Economic Zone Authority (PEZA) has already approved the expansion project of TMX Philippines.

Timex reportedly chose the Philippines as the site of its distribution hub owing to its proximity to the Mactan-Cebu International Airport as well as due to the incentives being offered by PEZA.

TMX Philippines is engaged in the production of mechanical watches and watchbands.

It also assembles quartz and digital watches, as well as watch dial, lenses, and cases.

It started operations in the country in 1979 as Timex Philippines. TMX also manufactures watches under the famous brand names such as Benetton, Guess, Nautica, and Timberland sports watches.

The TMX expansion project is expected to generate employment for 200 workers.

TMX Philippines currently employs 4,600 workers and is the biggest employer inside the MEZ.

In 2003, the gross revenues of TMX Philippines dropped 16.6 percent to P827 million, while its net income plunged 77.3 percent to P10 million.

TMX Philippines is one of the 110 companies operating inside the MEZ.