Kimberly-Clark to acquire remaining interest in its South African affiliate
Mar 13, 2008. /Lesprom.com/. Kimberly-Clark announced it has reached an agreement to purchase the remaining stake in its South African subsidiary, Kimberly-Clark of South Africa, K-CSA, from The Lion Match Company Limited, a wholly-owned subsidiary of FASIC Investment Corporation Limited. Kimberly-Clark currently owns slightly more than 50% of K-CSA.
Mar 13, 2008. /Lesprom.com/. Kimberly-Clark announced it has reached an agreement to purchase the remaining stake in its South African subsidiary, Kimberly-Clark of South Africa, K-CSA, from The Lion Match Company Limited, a wholly-owned subsidiary of FASIC Investment Corporation Limited. Kimberly-Clark currently owns slightly more than 50% of K-CSA.
The transaction, which is subject to approval by the Competition Commission, is expected to close in the 2Q 2008. K-CSA has operated as a joint venture between Kimberly-Clark and Lion Match, or predecessor companies, since 1955. Terms of the purchase were not disclosed.
"Our increased ownership in this successful affiliate bolsters Kimberly-Clark's presence in the country and enhances our growth potential in sub-equatorial Africa," said Tom Davis, president of Kimberly-Clark Middle East, Eastern Europe and Africa.
K-CSA is a leading manufacturer and marketer of tissue, personal care and business-to-business products and also markets K-C's line of health care products. The company holds strong market share positions in premium bath and facial tissues and in diapers and feminine care products.