Citizen Watch Company said it will buy all shares of Bulova Corp. from Loews Corp. for $246 million in January.

The Citizen Watch Company wants to strengthen its wristwatch presence in the $200-$600 price range. A representative from Bulova Corp. said that this will help them expand in the U.S., which is the world’s biggest market for watches. Bulova owns brand names Accutron, Caravelle, and Wittnauer.