Timex Group USA, Inc. (formerly known as Timex Corporation) is an American manufacturing company founded in 1854. In 1854, the company was founded as the Waterbury Clock Company in Waterbury, Connecticut. In 1944, the company was thought to have become insolvent, but it was reformed into Timex Corporation. In 2008, the company was acquired by Timex Group B.V, and was renamed into Timex Group USA. Shortly after purchasing the Waterbury Clock Company in 1941, founder Thomas Olsen had renamed the company Timex, as a portmanteau of Time (referring to Time magazine) and Kleenex.