It's unclear to me how much L&O Holdings actually does to bring the two remaining Sigs together (Sig Germany is defunct as of 2020). They do not sell each others products, do development cooperatively, produce cooperatively, etc as far as I've seen. Sig Switzerland issued that foot-in-mouth memo backing the P320, so there's clearly something happening between the two, but I think presenting them as separate is more accurate than claiming they have a close relationship because the same holdco owns them both.