Swatch denies rumors that is working together with Apple on the upcoming iWatch

Swatch denied earlier reports/rumors that the company is working together with Apple on the upcoming iWatch:

VentureBeat suggests it is possible that Swatch may be involved in building one or more of Apple's smart watches, and the site's source also believes Apple may be teaming up with Timex as well. Watches from third-party manufacturers would likely accompany an iWatch of Apple's own branding, according to the source.

A spokeswoman for Swatch told Reuters that the Apple rumor was "unfounded," adding that Swatch's only relationship with mobile phone manufacturers, including Apple, is as a supplier of internal electronic circuitry and other smaller components. Swatch Chief Executive Nick Hayek reiterated in an interview with Reuters that "he was not interested in teaming up with a tech group to develop a smartwatch."