Kimberly-Clark, Suzano JV Clears CMA with $3.4bn Deal and 51% Stake
KMB•UK CMA has cleared the $3.4bn joint venture between Suzano and Kimberly-Clark, in which Suzano acquires a 51% controlling interest in international tissue operations for $1.73bn cash on completion. The new Netherlands-based venture spans 22 facilities across 14 countries, with one million tonnes capacity and $3.3bn net sales in 2024.
1. CMA Approval and Transaction Structure
The UK Competition and Markets Authority has authorised the $3.4bn joint venture between Suzano International and Kimberly-Clark, concluding its phase 1 inquiry. Under the agreement, Suzano will acquire a 51% controlling interest in Kimberly-Clark's international tissue operations for $1.73bn cash on completion, subject to customary adjustments.
2. Joint Venture Operations and Reach
The new venture will be headquartered in the Netherlands and incorporate 22 manufacturing sites across 14 countries, with combined installed capacity of roughly one million tonnes. It will employ about 9,000 people and sell Kleenex, Scott, Cottonelle, WypAll and other brands in over 70 markets.
3. Financial Performance and Future Rights
Operations transferred to the joint venture generated approximately $3.3bn in net sales in 2024. Kimberly-Clark retains its US consumer tissue and professional businesses, along with stakes in existing joint ventures, while Suzano holds a call option to acquire the remaining 49% stake at a future date.
