Novartis’ Alcon Confirms HQ Relocation Ahead of Proposed Spin-off
Alcon, the eye-care division of Novartis, has announced plans to locate its future global headquarters in the Canton of Geneva, Switzerland, following completion of its proposed spin-off from Novartis.
Alcon’s new global headquarters in Geneva will be the primary location for Alcon’s senior corporate leadership and other corporate and commercial functions. It will be co-located with Alcon’s Europe, Middle East, and Africa (EMEA) regional office, which is already based in the city.
The newly listed holding company for the Alcon group after the proposed spin-off will be incorporated in the Canton of Fribourg, where Alcon already has operations, which will add to other key sites in Rotkreuz and Schaffhausen. While final details are being finalized, Alcon could employ up to 700 in Switzerland post spin-off. Alcon’s current global divisional headquarters in Fort Worth, Texas will remain a major operational, commercial, and innovation hub for the proposed standalone company.
Alcon corporate and EMEA employees will begin moving to the new Geneva location in 2019.
Earlier this year, Novartis announced its intention to spin off Alcon into a separately traded standalone company. The planned spin-off would enable Novartis and Alcon to focus fully on their respective growth strategies. As part of that announcement, Novartis disclosed that Alcon would be incorporated in Switzerland with listings planned on the SIX Swiss Exchange and the New York Stock Exchange.
Completion of the planned spin-off of Alcon from Novartis is subject to general market conditions, regulatory approvals, final endorsement by the Board of Directors of Novartis AG and shareholder approval. Required information and consultation of affected employees and employee representatives is ongoing. In the event that all approvals are secured, the planned spin-off is expected to be completed in the first half of 2019.