Kimberly-Clark Corporation has completed its acquisition of Kenvue, bringing the two companies' personal care and consumer health portfolios together to create a preeminent global consumer health and wellness leader.

The company's combined portfolio of leading personal care and consumer health brands includes 10 billion-dollar brands: Huggies, Listerine, Cottonelle, Neutrogena, Depend, Tylenol, Kleenex, Johnson's Baby, Kotex and Scott. 

Mike Hsu, Chairman and Chief Executive Officer of Kimberly-Clark, said:

"Today marks a defining moment in Kimberly-Clark's 154-year history as we welcome Kenvue and hit the ground running as one company,

"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 continued, "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."

Four business segments

The combined company will operate through four business segments, with the following estimated annual sales:

• North America: approximately US$18.0 billion¹.
• Asia Pacific Focus Markets: approximately US$4.3 billion¹, covering Greater China, Australia and New Zealand, South Korea, and Indonesia.
• Europe, Middle East and Africa (EMEA): approximately US$5.0 billion¹.
• Enterprise Markets: approximately US$4.3 billion¹, including Latin America (including Brazil), India, Southeast Asian markets and Japan.

Integration and expected synergies

Kimberly-Clark reaffirmed its expected annual run-rate synergies of approximately US$2.1 billion, consisting of approximately $1.9 billion in cost synergies, captured in the first three years following close, and approximately $500 million in incremental profit from revenue synergies, partially offset by reinvestment of approximately $300 million, captured within four years post-close.

The company has substantially built its pipeline of cost and revenue initiatives as part of a robust integration plan.

Kimberly-Clark also plans to apply its existing Powering Care growth strategy to the combined portfolio, with a focus on innovation, brand development and commercial execution.

Board composition

Following the transaction, three members of Kenvue's Board of Directors have joined Kimberly-Clark's Board, which now comprises 13 directors:

• 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
• Mark T. Smucker

Mae C. Jemison, Christa S. Quarles and Jaime A. Ramirez have stepped down from Kimberly-Clark's Board, effective immediately following the transaction's completion.

Transaction terms

Under the terms of the acquisition, 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 market opening on November 2, 2026.

The transaction also involves feminine-care divestments linked to regulatory approvals. Kimberly-Clark agreed to divest its feminine hygiene business in the European Economic Area to Turkey's Dilek Gıda. Separately, Kenvue has agreed to divest its feminine-care operations in Brazil, Australia and New Zealand.

¹ Represents the combined net sales of Kimberly-Clark and Kenvue for fiscal year 2025, as reported in each company's Annual Report on Form 10-K, recast to reflect the estimated impact of the new proposed segment structure. See "Important Note about Combined Financial Information."