Kimberly-Clark Corp., which makes Kleenex tissues and Huggies diapers, says it plans to spin off its health care business into a separate publicly traded company.
The health care business, which makes medical devices and surgical products, has $1.6 billion in annual sales. The spinoff is expected to be completed at the end of the third quarter of 2014, and is subject to market, regulatory and other conditions.
Robert Abernathy, who is currently president of Kimberly-Clark’s Europe group, will become CEO of the new health care company. Abernathy has worked at Dallas-based Kimberly-Clark since 1982.