The facility will be located in Bulle and is expected to generate more than 2,000 jobs with the inauguration expected in 2029.
The deal still needs to be finalised by the Bulle parliament with the sale of two plots of land requiring special approval.
“A project of a rare scale is on track in Bulle with the prestigious company Rolex,” president of the Friborg State Council Olivier Curty told RTS.
“This project is on the right track and the Friborg authorities will do everything to ensure that it succeeds.”
Rolex doesn’t publish production figures, however, it’s been reported the manufacturer produces approximately one million timepieces each year.
Employing more than 30,000 people worldwide, Rolex is owned by the Hans Wilsdorf Foundation and is headquartered in Geneva. According to Morgan Stanley, Rolex’s revenue in 2021 exceeded $AU12.6 billion.
More reading
Swiss watchmaker causes lab-created diamond stir
Ultra-rare watch to lead auction, Patek Philippe acquires gem-setting company
Watches of Switzerland expects a challenging year ahead