Alcon, the eyecare business of Novartis (NVS), includes surgical products and vision care products. It announced today that it will locate its future headquarters in Geneva after spinning off from Novartis.
The above presentation excerpt details Alcon’s announcement.
About the announcement
- Alcon announced its plan to locate its future headquarters in Geneva, Switzerland.
- The new headquarters are to be co-located with Alcon’s EMEA[1. Europe, the Middle East, and Africa] regional office and to be the primary location for senior corporate leadership as well as other corporate and commercial functions. The existing EMEA regional office is also based in Geneva.
- The current divisional headquarters is based in Fort Worth, Texas, and is to remain a key global hub for operational, innovation, and commercial activities.
- The listed company is to be incorporated in Fribourg since Alcon has significant operations there. Also, other key sites are to be set up in Rotkreuz and Schaffhausen.
- Alcon’s corporate and EMEA employees are to shift to the new Geneva location in 2019.
About the spin-off
Novartis had announced the proposed spin-off on June 29. The decision followed a strategic review, which concluded that the spin-off would be in shareholders’ best interest. The decision is also in line with Novartis’s strategy of focusing on medicine.
Novartis also clarified that the ophthalmology pharmaceuticals portfolio from Alcon would remain with Novartis to strengthen its pharmaceutical business.
The proposed spin-off will complete in the first half of 2019, subject to general market conditions, approvals from regulatory bodies and shareholders, and board endorsements.
The First Trust Value Line Dividend ETF (FVD) invests 0.5% of its total portfolio in Novartis (NVS), 0.5% in Bristol-Myers Squibb (BMY), 0.5% in Merck & Co. (MRK), and 0.5% in Johnson & Johnson (JNJ).