Kimberly-Clark Thursday entered into a deal with Brazilian pulp maker Suzano to sell a majority stake in its international tissue business, valuing the business at about $3.4 billion, the Kleenex tissue maker said.
Kimberly-Clark, which has been looking to focus on more profitable parts of the company, said it would be owning a 49% interest in the new venture while Suzano would own 51%.
Suzano will have the option to purchase Kimberly-Clark's remaining 49% ownership interest, at certain specified times and subject to certain conditions, under an agreed valuation framework, the Irving, Texas-based company said.