number of finished watch manufacturers that were subsequently brought together under the subsidiary General Watch Co (GWC). In the 1930s, both ASUAG and SSIH entered into complementary research and development programs to combat a severe economic crisis. Following repeated crises in the Swiss watch industry, by the 1970s both ASUAG and SSIH were again in trouble. Foreign competition and the mass production of cheap new electronic products were taking over the market. Eventually, both ASUAG and SSIH faced bankruptcy. Throughout the years of crisis and restructuring from 1978, Ernst Thomke was at the helm of ETA SA, and also had become CEO of Ebauches SA and appointed on the Board of Directors of ASUAG. He became SMH's first CEO, position he held until 1991. At that time, Nicolas G. Hayek, as newly elected Chairman of the Board and main shareholder had already become the only person of reference. In 1998, Swiss Corporation for Microelectronics and Watchmaking Industries Ltd (Société de Microélectronique et d'Horlogerie or SMH), founded in 1983 through the merger Swiss watchmakers ASUAG and SSIH, was renamed the Swatch Group. Products ETA 2824-2 One workhorse of the ETA mechanical line is the ETA 2824-2, The 2824 is an automatic winding, twenty-five jewel movement, available in four executions or grades: Standard, Elaborated (improved), Top and Chronometer. The key components which differ at the line of demarcation between Elaborated and Top are the shock protection system (Elaborate=Etachoc/Top=Incabloc), balance wheel (Elaborate=Brass/Top=Glucydur) and the hairspring (Elaborate=Nivarox 2/Top=Anachron). In contrast, since the addition of the "-2" at the end of the movement number, there has been no difference between the standard and the chronometer grades in terms of the regulator mechanism, both being Etachron. To illustrate the differences in accuracy garnered by the successive grades, consider the following specifications: the Standard grade is adjusted in two positions with an average rate of ±12 seconds/day, with a maximum daily variation of ±30 seconds; the Elaborated grade is adjusted in three positions with an average rate of ±7 seconds/day, with a maximum daily variation of ±20 seconds; while the Top grade is adjusted in five positions with an average rate of ±4 seconds/day, with a maximum daily variation of ±15 seconds. The Chronometer grade must meet strict standards prescribed by the COSC. Chronometer grade movements are serial numbered, as that is a requirement of the certification authority. Moreover, the degree of decoration on the movement's parts,