 ASUAG had also integrated an array of watch brands in 1972 into a sub-holding company, General Watch Co. ASUAG failed similarly in 1982.The Swatch Group was formed in 1983 as ASUAG/SSIH from the two financially troubled predecessor companies, ASUAG and SSIH.Taken private in 1985 by then-CEO Nicolas Hayek, with the understanding of the Swiss banks and the financial assistance of a group of Swiss private investors (in particular Stephan Schmidheiny and Esther Grether), it was renamed SMH (Société de Microélectronique et d'Horlogerie) in 1986, and ultimately Swatch Group Ltd in 1998.