FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT: MARCH 16, 1999
(Date of earliest event reported)
KIMBERLY-CLARK CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-225 39-0394230
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
P.O. BOX 619100, DALLAS, TEXAS 75261-9100
(Address of principal executive offices) (Zip Code)
(972) 281-1200
(Registrant's telephone number, including area code)
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Item 5. Other Events
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Attached hereto as Exhibit 99 is a press release issued by Kimberly-Clark
Corporation in connection with the sale of the Southeast Timberlands.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KIMBERLY-CLARK CORPORATION
Date: March 16, 1999 /s/ Randy J. Vest
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Randy J. Vest
Vice President and Controller
(principal accounting officer)
<PAGE>
EXHIBIT INDEX
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(99) Press release issued by Kimberly-Clark Corporation in
connection with the sale of the Southeast Timberlands.
Tina S. Barry
(972) 281-1484
KIMBERLY-CLARK AGREEMENT TO SELL SOUTHEAST TIMBERLANDS TERMINATED
SOUTHSTAR UNABLE TO COMPLETE FINANCING ARRANGEMENTS
DALLAS, March 16, 1999-Kimberly-Clark Corporation (NYSE: KMB) today announced
termination of the agreement to sell its Southeast Timberlands and related
operations to an affiliate of Southstar Timber Resources, LLC, a company
organized by ACI Capital Co., Inc., a New York-based investment firm.
The company said the sale was mutually terminated because Southstar was
unable to complete financing arrangements for the transaction.
"The termination of our agreement with Southstar does not alter our
strategy to divest these assets," said Wayne R. Sanders, chairman and chief
executive officer of Kimberly-Clark Corporation. "The Southeast Timberlands
is an excellent operation, but it is not a core business for Kimberly-Clark.
Its sale will enable us to further focus our resources on expanding our core
tissue, personal care and health care businesses."
The operations include 529,000 acres of woodlands in Alabama, Mississippi
and Tennessee, and related export chip, pole and mulch businesses.
Kimberly-Clark said that, prior to the agreement with Southstar, there was
significant interest expressed by a number of potential buyers. Marketing of
the timberlands and related businesses to interested parties will resume
immediately.
As previously announced, the sale of the timberlands and related
operations is associated with the planned closure of the company's Mobile,
Ala., pulp mill in September 1999. The net effect of these actions is
expected to result in a gain, which will be recorded upon completion of the
sale.
Kimberly-Clark Corporation is a leading global manufacturer of tissue,
personal care and health care products. The company's global brands include
Huggies, Pull-Ups, Kotex, Depend, Kleenex, Scott, Kimberly-Clark, Tecnol,
Kimwipes and WypAll. Other brands well known outside the U.S. include Andrex,
Scottex, Page, Popee and Kimbies. Kimberly-Clark also is a major producer of
premium business, correspondence and technical papers. The company has
manufacturing operations in 38 countries and sells its products in more than
150 countries.
website: www.kimberly-clark.com
