In 1997, Textron sold Speidel to the Austrian-based Hirsch Armbänder AG, a leading manufacturer of leather watchbands in Europe. The new company was Hirsch Speidel Inc. Two years later, as part of a global manufacturing consolidation strategy, Hirsh closed Speidel's original Ship Street property and relocated its headquarters to East Providence. In coordination with the move, Speidel closed down its manufacturing operations and outsourced its workload. A portion of the production continued in Rhode Island with local manufacturing companies, and the balance moved overseas.