No hiding in plain sight. This global eye care firm wants to tell its Fort Worth story
In many ways, Alcon has been hiding in plain sight.
The company has more than 70 years of history in Fort Worth and is one of North Texas’ largest employers, although many people who pass by its large campus near Interstate 35W and I-20 probably don’t realize it’s there.
Alcon is one of the world’s leading manufacturers of contact lens solutions, artificial tears, intraocular lenses (for cataracts surgeries) as well as tools and machines used in eye surgery.
On Tuesday, Alcon will officially spin off from parent company Novartis International AG, and become its own publicly traded company. Alcon will be listed as ALC on the New York Stock Exchange, and also will be traded on an exchange in Switzerland, where Alcon’s corporate office is registered.
David Endicott, who as Alcon’s chief executive is scheduled to ring the opening bell at NYSE Tuesday, said the spinoff provides an opportunity for Alcon to refresh its historical ties to Fort Worth.
The company was founded in 1945 by pharmacists Robert Alexander and William Conner. They built their company around the broad mission of meeting eye doctors’ needs, whether in the examination room, surgery suite or, simply, the pharmacy shelf.
Alcon is credited with developing the modern eye dropper bottle in the 1950s.
“They boot-strapped their way up this industry, really,” Endicott said during an interview at the company’s Fort Worth headquarters. “They built a custom view of what ophthalmology needed.”
Alcon employs about 4,500 people in Fort Worth, including 1,200 people in research and development jobs, company officials said. It’s the kind of employer that fits in with the city’s goal of attracting more high-paying jobs.
“Alcon continues to be one of our largest employers and an active community partner, founded in Fort Worth more than 70 years ago,” Fort Worth Mayor Betsy Price said in a statement. “We congratulate Alcon on becoming an independent, publicly-traded company and look forward to further strengthening our relationship.”
Alcon bills itself as the largest eye care device company in the world, with a presence in 74 countries and customers in more than 140 countries. Company officials say they are poised for long-term growth, especially as they reach into China and emerging markets to provide products for common eye conditions such as myopia (nearsightedness).
Eye care is a $23 billion a year market, growing at roughly 4 percent annually. Last year, Alcon had sales of $7.1 billion, including $4 billion in surgical items and $3.1 billion in vision care.
Under the terms of the spinoff, Novartis shareholders receive one Alcon share for every five Novartis shares held as of April 1.
Alcon is headquartered in Geneva, but its Fort Worth location is still considered “a major operational center and innovation hub with a large base of employees,” the company said in a statement.
Alcon is no stranger to Switzerland. Alcon went public in 1971 and was traded on the NYSE until it was acquired by Swiss food and drink company Nestle in 1977. Alcon was bought by Novartis, also a Swiss company, in 2011.
This story was originally published April 9, 2019 at 6:00 AM.
