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Sep252009

Omega Times New IOC Deal To Run Through 2020

Executives from Swatch Group and the IOC unveil new Omega deal at the Olympic Museum.September 25, 2009: The International Olympic Committee said that Omega has signed an extension to its current deal and would remain a partner through 2020. Financial terms were not disclosed.

Omega, the official timekeeper of the Olympic Games, joins Coca-Coca as the only IOC "worldwide partners" with deals that currently run through 2020. Atos Origin, Panasonic and Samsung have extended their partnerships until 2016. General Electric, McDonald's, Visa and Samsung have contracts with the IOC that each currently run through 2012.

Omega's deal ensures that the company would remain an IOC partner for the next six Olympic Games: Winter 2010 Vancouver, Summer 2012 London, Winter 2014 Sochi (Russia), Summer 2016 (site to be determined Oct. 2), Winter 2018 (site to be determined July 2011) and Summer 2020. By the end of the new deal, Omega will be the official timekeeper for 29 Olympic Games, dating back to the 1932 Olympics in Los Angeles, according to the IOC.

Analysts said that the IOC plans to raise more than $1 billion (U.S.) from its worldwide partners now through the 2012 Games. Another worldwide partner could be added in the near future.

"These days, everyone is uncertain, even about the next six months," Nick Hayek Jr., CEO of Omega's parent company, Swatch Group, said during a press conference at the Olympic Museum in Lausanne. "Here we are all, based on the experiences we’ve shared in the past, concluding an agreement for the next ten years. This sends an incredibly positive signal."

According to Gerhard Heiberg, chairman of the IOC marketing commission, “Omega’s accuracy, technological competence and years of experience have contributed to the success of the modern Olympic Games. Omega works in close collaboration with our other technology partners to provide integrated technology support to the Organizing Committees of the Olympic Games.”

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