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    Breaking News

    Kimberly-Clark Announces $1.2 Billion Acquisition of Softex Indonesia

    Purchase will expand presence in fast-growing Southeast Asian hygiene market

    Kimberly-Clark Announces $1.2 Billion Acquisition of Softex Indonesia
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    09.04.20
    Kimberly-Clark announced that it has entered into a definitive agreement to acquire Softex Indonesia, a leader in the fast-growing Indonesian personal care market, in an all-cash transaction for approximately $1.2 billion from a group of shareholders including CVC Capital Partners Asia Pacific IV.

    "This acquisition represents a compelling strategic fit and demonstrates our commitment to accelerate growth in developing and emerging markets," says Mike Hsu, chairman and CEO, Kimberly-Clark. "Moreover, adding Softex Indonesia and its brands to Kimberly-Clark will enhance our company's underlying growth prospects and help us create even more long-term shareholder value."

    Indonesia is a large, growing market with attractive future prospects, and the acquisition immediately improves Kimberly-Clark's currently limited position in the country to one with strong market share in key personal care categories across Southeast Asia's largest economy.

    The diaper market in Indonesia is currently estimated at $1.6 billion, the sixth largest in the world, with approximately five million annual births. Approximately 80% of Softex Indonesia sales come from diapers, and it currently holds the No. 2 market share position with the Sweety and Happy Nappy brands while continuing to grow its market presence.

    The remaining Softex Indonesia sales are mostly in the feminine care and adult care categories. In feminine care, the company holds the No. 3 market share position with the Softex brand. In adult care, it holds the No. 2 market share position with the Confidence brand.

    "Softex Indonesia has a strong, growing and profitable business with a portfolio of brands loved by Indonesian consumers," says Aaron Powell, president of Kimberly-Clark's Asia-Pacific consumer business. "This acquisition provides an opportunity for Kimberly-Clark to accelerate our growth in Southeast Asia, and we look forward to combining our strengths in innovation and brand building to expand on Softex Indonesia's continued success."

    Since 1976, Softex Indonesia has built a successful personal care business with strong market positions and has consistently delivered double-digit growth. The company has excellent manufacturing capabilities and a strong go-to-market distribution network. Softex Indonesia generated net sales of approximately $420 million in 2019.

    The transaction is another demonstration of Kimberly-Clark's commitment to generate improved, sustainable top-line growth and create long-term shareholder value. Excluding one-time transaction and integration costs, the acquisition's impact on adjusted earnings per share in 2020 and 2021 is expected to be immaterial. The transaction will be financed primarily through incremental debt and secondarily cash on hand.

    The transaction is expected to close early in the fourth quarter of 2020 and is subject to customary closing conditions. 
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