Omega holds several world records for accuracy and is one of the world's most successful watchmakers. The company began in 1848 when Louis Brandt set up his Louis Brandt & Son workshop in Switerzland's La Chaux-de-Fonds. Brandt originally assembled watches from parts made by local craftspeople. In 1879 he switched to manufacturing his own parts and built a factory. Brandt launched the Labrador watch in 1885. The Omega trade name was suggested to Brandt in 1903 by banker Henri Rieckel. Omega launched its first waterproof watches in 1937 and its first automatic watch in 1943.The company went on to develop many iconic watches.