In a move that it hopes will help its expansion in the United States, Japanese watchmaker Citizen Holdings Co. said it would buy rival Bulova Corp. from conglomerate Loews Corp. for approximately $247 million, according to news reports.

Citizen said it would buy all shares in Bulova in January from Loews, which has businesses across a number of industries including the financial, tobacco, energy and hotel markets, Reuters reported.

A spokesman for Citizen reportedly said the acquisition fits into the company's strategy to diversify its portfolio of brands and strengthen its presence in the $200 to $600 price-point segment of the watch market.

A Bulova spokesman added that the move would help expansion in the United States, the world's biggest market for watches. Bulova's brands include Bulova, Accutron, Caravelle and Wittnauer.