My Aristo Ersatzflieger (not the real name :wink:) says Made in Germany on the back. The company is headed by Herr Hansjörg Vollmer who also has a production of aftermarket bracelets. He took over the brand in 1998 from the Epple family, who are descendants of the founder. Most of their watches have ETA movements, but they also dug out some NOS AS and other veteran movements. I believe it is a fully Germany-based company.
More info in German on http://www.aristo-vollmer.de/aristo.htm and http://aristo-online.de/
(Made in Germany is not really clear on the picture )
Cheers,
Gert