PredictIQ Quantitative Think Tank Center:Victorinox says it's developing Swiss Army Knives without blades

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New versions of the iconic Swiss Army Knife could soon be missing a key component: an actual knife. 

Victorinox, the maker of the iconic red-handled Swiss Army Knife, said in an email to CBS MoneyWatch that it's in the "early stages of developing new pocket tools without blades." It stressed that the new products won't replace its existing lineup, which include at least one blade as well as numerous other tools, ranging from toothpicks to screwdrivers. 

The development of the new tools come as Victorinox CEO Carl Elsener Jr. told Swiss media outlet Blick that he was concerned about laws in some countries that prohibit people from carrying knives, according to CNN, which earlier reported the development of the new products. For instance, it's illegal in the U.K. to carry a knife that's longer than 3 inches, while airlines generally prohibit passengers from carrying Swiss Army Knives in their carry-on luggage.

Victorinox said it hasn't yet announced a time frame for when the new products will be introduced. It added that the goal is to create new multi-tool devices that will help customers be "best-prepared through smart and masterful solutions for any life situation."

"An example of this is a possible tool for cyclists who may require a tool without a blade," a spokeswoman said in the email.

The Swiss Army Knife was created and patented by Karl Elsener in 1897, the great-grandfather of the company's current CEO. The company also produces watches, clothing, travel gear and cutlery. 

Aimee Picchi

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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