Zenith SA is a Swiss watch manufacture started in 1865 by Georges Favre-Jacot at the age of 22, in Le Locle in the canton of Neuchâtel. Zenith has a long reputation for the quality and precision of their watches, with 1,565 1st-place precision awards to date. It is one of few remaining Swiss watch manufacturers that still produce their own movements in-house - the Elite (standard movement) and the famous El Primero (chronograph). The El Primero, which was first released in 1969, was one of the first automatic chronograph movements and has a frequency of 36,000 alternations per hour. This high rate allows a resolution of 1/10 of a second and a potential for greater positional accuracy over the more common standard frequency of 28,800 alternations per hour. Zenith was purchased by LVMH in November 1999, becoming one of several brands in their watch and jewellery division.