Rolex vows $1 Million dollars to watchmaking program

[jasonbellevue]

Rolex vows $1 million to OSU watchmaking
By The Associated Press

The Rolex watch company has committed $1 million over five years to support Oklahoma State University-Okmulgee's watchmaking program, officials said.
With the new commitment, Rolex becomes the exclusive underwriter of the OSU-Okmulgee Watchmaking and Microtechnology program.

Established in 1946, the OSU-Okmulgee program has developed a national reputation in serving the needs of the watchmaking industry.

"The decision by Rolex to become the exclusive industry financial underwriter of our watchmaking program provides us the opportunity to fulfill our
long-standing goal of offering a true world-class program,” said Bob Klabenes, OSU-Okmulgee president.

"Our students, faculty and staff feel both privileged and humbled by Rolex's decision to partner with our program. This is a historic step.”

Rolex has led the industry in providing funding for the training and education of skilled watchmakers since 2000 when it established a grant of
$1 million over five years to North Seattle Community College in Washington, renewing the grant in 2005.

In 2001 Rolex established its own Lititz Watch Technicum, a not-for-profit foundation that has already graduated more than 50 watchmakers for the industry.

Also, in 2004, Rolex pledged a $1 million, five-year grant to support the Saint Paul College watchmaking program in Minnesota.

Beyond its extensive investment in watchmaking education in the U.S., Rolex also operates the Tokyo Watch Technicum in Japan,
as well as the Rolex Training Centre in Mumbai, India.

From Staff Reports

[Earl Camembert]

They have to do something. Sales outlets outnumber repair facilities 20 to one and that is just for Rolex.
Most people buy quartz and throw it away when it brakes.

[jtw40475]

that's awesome, we need more schools. i'd like to enroll in some training to become a watchmaker, it's very interesting... it seems like the founder of rolex was very smart to invest his shares where they could not be sold or transferred, alot of the money rolex makes goes to charity and livitz school in pa i believe..

[TARDIS]

Good on Rolex!

Another reason to be loyal to the brand.

[mattyo]

Originally Posted by TARDIS

Good on Rolex!

Another reason to be loyal to the brand.

yes good on them, but it's not all generosity...

Supply and demand..

if less people are trained, then less people can do the job..

The more watchmakers have to pay to get a suitably skilled and trained employee...

= less profit....

by driving down labour costs


< $5000 less per annum x 1000 employees = $5mil


Again.. good on them.. but just highlighting the other side of the coin..

[SPACE-DWELLER]

Good call that some of our hard-earned money spent on Rolex watches benefits a good cause.

[Arturo]

Typical of the kind of thng Rolex does as a for profit charitable foundation. This is a company that does only 3 things with its money. It maintains the Wilsdorf family trust, plows money back into itself (Roled), and gives it away to a host of good scientific, athletic, and educational concerns. I would bet that this watchmaker program will also include some endowed internships at Rolex for the grads, and a chance for people to work for RSC. Good idea for Rolex.

[frostie]

That's great news. Rolex is following a good path and is creating a really good image

[bwalkerVintage]

I hope the get some good applicants!!

[kcmo]

I finally found a reason to go back to school! Another degree!

[JBat]

Interesting story.

[abigsecret]

Most of the students graduating from Lititz in PA don't work for Rolex.
They can go wherever they want...

[Tomi]

This could also have helped them to consider a little different kind of strategies..

rolex-and-doj-settle-anti-competition