The words; Erzgebirgische Volkskunst (Ore Mountain Folk Art), can be found on the labels of a few makers but in this case, it's also the name of the company.
Although these folks were previously located in Saxony, they moved to their current location in Muggendorf, Franconian Switzerland in 1978. So if you want to be technical, these nutcrackers are Erzgebirge by heritage, not location of manufacture.