FORT WORTH, Texas—Alcon
expects to build upon its 70 years of history in this Texas metro area following its spinoff from parent company Novartis in 2019, the eyecare group’s new chief executive officer has said. “Fort Worth is where Alcon was born more than 70 years ago, and we look forward to building on our legacy here following the proposed spinoff,” chief executive officer David Endicott said in a statement to the Star-Telegram
of Fort Worth earlier this week.
“We are proud of all we do to support the city, from being one of the city’s largest employers to supporting a wide range of local charitable, educational and civic organizations.” (Alcon provided comments from the chief executive’s statement to VMAIL
Novartis announced late last month that, after a lengthy review of its Alcon business unit, it has decided to move ahead with spinning off the eyecare business into a standalone entity that will be publicly traded, as VMAIL reported
“A standalone Alcon would be able to build upon its industry-leading research and development and discover the next generation of sight-enhancing innovations,” Endicott also noted in the statement.
Novartis said it expects to complete the planned spinoff in the first half of 2019, according to last month’s announcement. Alcon would be incorporated in Switzerland; with Fort Worth continuing to be a key location. Listings are planned on SIX, the Swiss Exchange, and the New York Stock Exchange, the statement noted.
The spinoff of Alcon, which Novartis acquired in totality in 2011, “would enable Novartis and Alcon to focus fully on their respective growth strategies,” the parent company said in its announcement. The completion of the transaction is subject to “general market conditions, tax rulings and opinions, final board of directors’ endorsement” and the shareholder approval.
Novartis began its internal review of the Alcon business unit in January 2017, as VMAIL reported
, and indicated that a spinoff was one of the possible outcomes of the review.