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Halyard Health, a global medical technology company focused on preventing infection, eliminating pain and speeding recovery, announces the completion of its tax-free spinoff from Kimberly-Clark Corporation. On Nov. 3. 2014, Halyard shares commenced "regular-way" trading on the New York Stock Exchange (NYSE).
The distribution of Halyard common stock took place on Oct. 31, 2014. In the distribution, Halyard issued one share of common stock for every eight shares of Kimberly-Clark common stock held as of the close of business on Oct. 23, 2014, the record date for the distribution.
"Today Halyard Health launches with three decades of industry experience, leading positions in large markets, a diverse portfolio of strong brands and solid cash flow," says Robert Abernathy, chairman and CEO, Halyard Health. "We are confident about our prospects to deliver growth and value creation to our shareholders as an independent healthcare company focused on innovation."
The new company, headquartered in Alpharetta, Ga., reported 2013 net sales of $1.7 billion across its Surgical & Infection Prevention (S&IP) products and Medical Devices business. Halyard has 16,500 employees and markets products in more than 100 countries worldwide.
"Halyard's solutions are designed to address some of today's most important healthcare needs, such as preventing infection and reducing the use of narcotics, while helping patients recover faster," says Abernathy. "We will focus on maintaining leading market positions for our diverse portfolio of S&IP products and growing our pain management, digestive and respiratory health medical devices business."
Source: Halyard Health