Complex sentence: Founded by Peter the Great in 1721 as the Peterhof Lapidary Works, to make hardstone carvings, since 1962 it has manufactured the Soviet Raketa watches.
Split into simpler sentences: Founded by Peter the Great in 1721 as the Peterhof Lapidary Works, to make hardstone carvings. Since 1962 it has manufactured the Soviet Raketa watches.