J&J spinoff Kenvue files initial public offering
Kenvue Inc. , the consumer products unit of Johnson & Johnson (JNJ), late Wednesday filed its initial public offering as part of a previously disclosed spinoff plan for the business. Kenvue plans to trade on the New York Stock Exchange under the symbol KVUE with lead underwriters Goldman Sachs Group Inc. and JPMorgan Chase & Co. For the fiscal year ended Jan. 2, Kenvue reported $15.05 billion in net sales, and $2.03 billion in net income. With products such as Listerine mouth wash and Johnson's Baby Shampoo, Kenuve summed up its business under the slogan, "Realize the extraordinary power of everyday care," in its IPO prospectus. Shares of Johnson & Johnson traded flat in premarket trades.
-Steve Gelsi
(END) Dow Jones Newswires
01-05-23 0814ET
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