Galderma is planning the biggest IPO in Switzerland since the turn of the millennium! But not all employees of the well-known skincare product manufacturer will be able to witness the company’s spectacular IPO.
Blick knows: There’s a mass layoff at Galderma’s headquarters in Zug. Every fifth job is gone. 97 people were affected. A social plan is prepared for them.
Galderma confirms the information regarding the Blick request. “Unfortunately, the structural adjustments made to our operating model are also affecting our colleagues in Switzerland,” said a company spokesperson. “We are facing macroeconomic headwinds in the form of inflation, supply shortages, geopolitical instability and rising interest rates, and we expect these conditions to continue for the foreseeable future.”
$20 billion valuation
The former Nestlé division is best known as the manufacturer of Daylong sunscreen. But the multinational food company gambled off its investments in dermatology company Galderma. In September 2017 the production plant in Egerkingen SO was closed – a hard blow for the 3,500-strong community.
An IPO had been planned for a long time, but had to be postponed due to the global economic situation and the Russian invasion of Ukraine, according to “Reuters”. It is now targeted for 2023.
Galderma is a heavyweight in the industry. According to previous reports, Switzerland could be worth over $20 billion. Fear of recession and high interest rates affected the producer throughout the day. A mass layoff, an attempt to dress for an IPO?
Expansion to Asia
Galderma doesn’t want to say anything about it and refers to rising interest rates and high inflation. “These factors will ultimately pose a significant threat to our business if we do not address them quickly,” the company said. Said.
Unlike Switzerland, Galderma is expanding worldwide. The company announced its Asian plans to the public in mid-October. Galderma announced that the company intends to establish its fifth factory in Singapore. The Zug-based company was thus reacting to the continued high demand for high-quality dermo-cosmetic products in the Asia-Pacific region.