Kimberly-Clark completes spinoff of healthcare business

Kimberly-Clark has announced the completion of the tax-free spinoff of its healthcare business as an independent company called Halyard Health.

The company has chosen to establish the healthcare division as a standalone organisation in order to focus on its core areas of growth. Shares began regular way trading on the New York Stock Exchange today (November 3rd 2014).

Kimberly-Clark's shareholders have received one share of Halyard Health common stock for every eight shares of Kimberly-Clark common stock they held at the close of trading on October 23rd 2014, the record date for the spinoff.

The newly-established medical technology company sells its brands and products in more than 100 countries and holds leading market positions in multiple categories across its portfolio, which includes infection prevention, surgical, respiratory health, digestive health and pain management offerings.

Thomas Falk, chairman and chief executive officer of Kimberly-Clark, said: "The spin-off will let Halyard Health pursue its own value-creation opportunities as a focused healthcare company."