This has been discussed on The Watch Forum - in regard to both pocket watches and wrist watches - but there's not a lot of info. They have made some VERY high end watches at various times, worth in the tens of thousands in pocket watches. Some Levrette wristwatches sell for many hundreds. (I'm quoting UKpounds £, so think about the conversion!)
The company appears to have been a quality, reputable Swiss maker, possibly part of SCHWARZ ETIENNE, and to have still been making watches into the late fifties. You should be looking at having this appraised in some way by a reputable watchmaker with knowledge of Swiss watches and different ebauches/cases etc. Looking at your photo, I'd think you got a bargain on the Timex, and the Levrette is pure 100% bonus, certainly well worth having professionally serviced, lubed and timed, either to keep or sell on ! Google the name and you'll see good ones selling at anything from $170 upwards.
I've never seen reports that they ever did a "budget" line, so let us know how you get on.
Frae Edinburgh, Bonnie Scotland
Affordable and Everyday Watches
My other hobby - Sequence Dancing