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Nestle may sell Alcon stake
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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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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. 
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