Matthaus Hipp founded the Telegraph and Electrical apparatus factory in Neuchatel Switzerland in 1860.
Various dates are given for the development of the Hipp toggle and Hipp himself has said that he thought of the idea in 1834. He patented an electric clock in 1865. In 1865 he installed a system with master and several slaves in Neuchatel.
Hipp transferred all business matters to Peyer and Favarger in 1899 and the firm became Peyer Favarger et Cie.
The name was changed in 1908 to Favarger et Cie , and in 1927 to Favag S.A.
The manufacture of hipp toggle clocks finished in 1975.