Kimberly-Clark to spin by November 30th
November 8, 2004 By Pulp & Paper Canada
Kimberly-Clark has marked November 30th, 2004 to be the completion date of the spin-off of its North American paper…
Kimberly-Clark has marked November 30th, 2004 to be the completion date of the spin-off of its North American paper and Canadian pulp operations. The new, publicly traded company is Neenah Paper, which manufactures and distributes premium and specialty paper grades.
November 19th has been declared the record date, meaning Kimberly-Clark shareholders will receive on share of Neenah Paper common stock for every 33 shares of Kimberly-Clark common stock held as of November 19th, 2004.
Kimberly-Clark chairman and chief executive officer Thomas Falk said the spin-off will permit the company to direct its resources to its primary area of interest. "We are now squarely focused on our core health and hygiene brands," he confirmed.
The Salt Lake Tribune reported that Kimberly-Clark will receive approximately $215 million from the spin-off.
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