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Markets > IPOs
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Nestle may sell Alcon stake
graphic October 19, 2001: 12:57 p.m. ET

World's No. 1 food company may sell minority stake in eye care unit.
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  • Nestle posts 12.7 percent jump in profit - Aug. 22, 2001
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    NEW YORK (CNNmoney) - Nestle, the world's No. 1 food company, is considering selling a minority stake in its Alcon eye care business through an initial public offering.

    An IPO would not take place until next year at the earliest, Nestle said in a statement. The Alcon offering would improve Nestle's credit rating and allow it to focus on its core businesses of food, nutrition, and beverages.

    Vevey, Switzerland-based Nestle is the producer of Nescafe coffee, Perrier mineral water, and Friskies cat food.

    In 1977, Nestle acquired the Fort Worth, Texas-based Alcon Laboratories Inc., which makes eye care products, as well as prescription and over-the-counter drugs.

    The 54-year old Alcon employs more than 11,000 people and had $2.6 billion in sales last year. Alcon CEO Tim Sear would continue in this position following the IPO, Nestle said. graphic

      RELATED STORIES

    Nestle posts 12.7 percent jump in profit - Aug. 22, 2001




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