Kimberly-Clark completes acquisition of Kenvue, expanding global consumer health portfolio

Kimberly-Clark has completed its acquisition of Kenvue, bringing together the two companies’ consumer health and personal care portfolios. The combination creates a global consumer health and wellness business with 10 brands generating more than US$1 billion in annual sales each, including Huggies, Listerine, Cottonelle, Neutrogena, Depend, Tylenol, Kleenex, Johnson’s Baby, Kotex and Scott.

The transaction marks a new stage in Kimberly-Clark’s 154-year history, according to Mike Hsu, the company’s chairman and chief executive officer. He highlighted the companies’ shared experience in developing consumer product categories and building relationships with customers.

“Today marks a defining moment in Kimberly-Clark’s 154-year history as we welcome Kenvue and hit the ground running as one company,” said Mike Hsu, Chairman and Chief Executive Officer of Kimberly-Clark. “I am deeply grateful to our Kimberly-Clark and Kenvue teams around the world for enabling this next step. We share a rich heritage: pioneering entire categories and forming deep, lifelong bonds with consumers around the world as we help generations of people take care of themselves and their loved ones, every day. Now, at a moment when the need for better care is undeniable and growing, we have an urgent opportunity to be there for more people, in more places and across evolving unmet needs. With Kenvue, Kimberly-Clark is equipped to combine deep consumer insight, groundbreaking science and innovation, brand-building expertise and strong commercial execution to lead the future of consumer health.”

Hsu also said the company’s immediate priority is to integrate the businesses and pursue the opportunities created by the acquisition.

“Our focus now is to move with speed and purpose to unlock the full potential of this combination. I am confident that our shared commitment to care and strong execution will enable us to deliver generational value for consumers, customers and shareholders.”

STRATEGIC POSITIONING AND SYNERGIES

The combined company will operate across consumer goods and healthcare categories, including baby care, women’s health and products for active aging. Kimberly-Clark said the business is positioned to benefit from increasing global demand for health and wellness products, a market in which annual spending exceeds US$500 billion.

The company outlined three strategic pillars for its operations: Better Care, More Hands and Smarter Health. The strategy aims to expand the reach of its brands, address a broader range of consumer needs and provide products and solutions throughout different stages of life.

 

Kimberly-Clark also plans to apply its Powering Care growth strategy to Kenvue’s portfolio, focusing on accelerating innovation, strengthening consumer relationships and improving commercial execution. The company has appointed a leadership team intended to support its operations and growth in local markets.

Regarding the financial outlook, Kimberly-Clark reaffirmed its expectation of approximately US$2.1 billion in annualized synergies from the transaction. This figure comprises approximately US$1.9 billion in cost synergies, expected to be achieved within the first three years after closing, and approximately US$500 million in additional profit from revenue synergies, expected within four years. The company also anticipates approximately US$300 million in reinvestments, which partially offset the projected gains.

FOUR BUSINESS SEGMENTS

Following the acquisition, Kimberly-Clark will organize its operations into four business segments:

• North America: approximately US$18 billion in annual sales.
• Asia Pacific Focus Markets: comprising Greater China, Australia and New Zealand, South Korea, and Indonesia, with approximately US$4.3 billion in annual sales.
• Europe, Middle East and Africa (EMEA): approximately US$5 billion in annual sales.
• Enterprise Markets: encompassing Latin America, including Brazil, India, Southeast Asian markets and Japan, with approximately US$4.3 billion in annual sales.

The figures represent the annual sales attributed to each business segment, as disclosed by the company.

BOARD AND GOVERNANCE

The completion of the acquisition also brings changes to Kimberly-Clark’s board of directors, which now has 13 members. Three former Kenvue board members have joined the company’s governing body.

The board is composed of Mike Hsu, chairman and CEO; Sherilyn S. McCoy, lead independent director; Richard E. Allison, Jr.; Sylvia M. Burwell; John W. Culver; Deeptha Khanna; S. Todd Maclin; Deirdre A. Mahlan; Larry Merlo; Kirk Perry; Joseph Romanelli; Dunia A. Shive; and Mark T. Smucker.

Mae C. Jemison, Christa S. Quarles and Jaime A. Ramirez stepped down from the Kimberly-Clark board effective immediately upon the transaction’s closing.

TRANSACTION TERMS

Under the terms of the agreement, Kenvue shareholders will receive US$3.50 in cash and 0.14625 shares of Kimberly-Clark common stock for each Kenvue share held.

Kenvue shares, which traded on the New York Stock Exchange under the ticker symbol KVUE, ceased trading at the opening of the market on November 2, 2026, following the completion of the transaction.