Kimberly-Clark Buys Jackson Products
The health products conglomerate embraces a global safety market play.
April 15, 2009
Kimberly-Clark Corp., the listed, Dallas health products conglomerate, will add Jackson Products to its safety holdings.
The acquisition of the Missouri-based work safety products maker is going to accelerate Kimberly-Clark’s growth in developing and emerging regions, the company said in its announcement of the deal.
"The acquisition of Jackson Safety is consistent with our global business plan strategy to accelerate growth of high-margin workplace solutions," said Jan Spencer, president of Kimberly-Clark professional. "It enables us to focus resources more effectively by increasing sales and marketing manpower to support growth in safety."
Tom Burns, current president and CEO of Jackson Safety will continue to lead this business as a division of Kimberly-Clark Professional. Jackson Safety was founded in 1933 and has approximately 400 employees.
Baker Botts L.L.P. served as outside legal counsel to Kimberly-Clark, while Jackson Products was advised by Houlihan Lokey as exclusive financial advisor and Willkie Farr & Gallagher, L.L.P., as legal counsel.
A recent JPMorgan report called for better than expected earnings for Kimberly-Clark shares on lower commodity costs. The company’s stock traded up about one percent, or at $48.77 per share late Wednesday morning.
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