Movie "similar" to Death of a Scoundrel

For some reason, I assumed a black/white movie I'd seen years ago was "part" of "Death of a Scoundrel." But it's obviously a totally different film. The only part I remember about it involves a clock and/or watch maker. A ruthless business scoundrel wants to take over the factory. And the owner agrees to sell to him - but only based on the promise that all of his employees would be guaranteed to keep their jobs at their current rates of pay. The scoundrel makes the promise. But as soon as he takes over, he guts the factory and fires all the employees ... causing the former owner to commit suicide.

Can anyone name this film ... please?