The International Watch Company (IWC) is a Swiss company, founded by an American. Florentine Jones made the decision in the 1860s to establish a manufactory in Switzerland. In so doing, he was able to take advantage of the Swiss watchmaking expertise and lower wages of the workers. Jones was not well-funded, however, and he eventually had to give up control of the company. Over the years, the company changed ownership many times and experienced a veritable roller-coaster of success and failures. Today, however, the IWC is a strong participant on the world stage of luxury timepieces.