Safeskin Shareholders Approve Transaction
DALLAS, TX-The acquisition agreement signed in November 1999 between Kimberly-Clark Corporation and Safeskin Corporation has been approved by Safeskin shareholders. By approving the merger, Safeskin shareholders gave Kimberly-Clark entrance to the latex and synthetic glove market. Chairman and chief executive officer of Kimberly-Clark, Wayne R. Sanders, commented, "Safeskin has built one of the fastest growing, most technologically innovative and cost-effective businesses in the glove industry. We are pleased to complement our expanding offering of professional healthcare products with Safeskin gloves. With this acquisition, we will be able to offer a complete line of head-to-toe protection products for healthcare workers."
Valued at $800 million, the transaction includes issuing Safeskin shareholders .1956 of a share of Kimberly-Clark common stock for each share of Safeskin common stock. David R. Murray, president of Kimberly-Clark's professional healthcare sector will assume leadership of the Safeskin line and Richard Jaffe, chairman, president and chief executive officer of Safeskin will become a company consultant.
