The Swatch Group, the world’s largest watch manufacturer, and international media group AOL Time Warner have agreed to “utilize the strengths of each in the areas of media, entertainment, technology, sports, timekeeping, and next-generation Internet access devices.”

Under the multi-year agreement announced April 26, AOL Time Warner will create “unique and innovative programs” and promotional initiatives for The Swatch Group’s 18 brands, using online, print, and television media including Time Inc. and AOL.

The Swatch Group will “strategically develop, promote, and market a range of product lines with AOL Time Warner entertainment content.” It will also develop “next-generation Internet-enabling technologies” for its watch products and wrist devices with access to AOL Time Warner properties.

“These products will make Internet access easier and create an additional emotional and exciting experience for the consumer,” says a Swatch spokesperson. For example, using current Swatch technologies, consumers could store their favorite AOL Web site addresses and screen names for quick access to online activities offered by AOL Time Warner and The Swatch Group.

The Swatch Group Ltd. is the world’s largest manufacturer of finished watches and a producer of high-quality movements, watch components, and electronic devices. Its brands, ranging from luxury to mass market, include Breguet, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, Omega, Longines, Rado, Union, Tissot, Calvin Klein, Certina, Mido, Pierre Balmain, Hamilton, Swatch, Flik Flak, and Endura. AOL Time Warner is the world’s first Internet-powered media and communications company. Its businesses include interactive services, cable systems, publishing, music, networks, and filmed entertainment.