Ciba enters Wall Street
Ciba Specialty Chemicals is to become the latest in a long line of Swiss companies to gain a listing on Wall Street on Wednesday.
The company says the move is intended to facilitate access to the United States capital market and to expand the shareholder base. It denies the listing is a precursor to major acquisitions in the US, saying its focus will remain on internal growth.
Analysts expect the company’s profit to grow to SFr392.5 million ($230 million) in 2000 compared to SFr325 million for 1999.
Ciba chairman, Rolf Meyer, says the company is on track to meet its financial targets for the year.
Ciba joins the growing ranks of Swiss companies already listed on Wall Street.
Switzerland’s largest bank, UBS; the medical technology group, Sulzer Medica; life sciences group, Novartis; and Swiss-Swedish technology group, ABB, are among the Swiss companies already trading on the NYSE, which is the world’s largest stock market.
Ciba is already listed on the SWX Swiss exchange and on SEAQ International in London.
swissinfo with agencies
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