US-based household firm Kimberly-Clark has announced the acquisition of Softex Indonesia, a personal care company for US$1.2 billion from a group of shareholders.
In the Indonesian country since 1976, Softex is a producer of hygiene products for children, woman, and adults, with diapers being its biggest market.
According to sources, the acquisition of Softex will allow Kimberly-Clark to “boost its presence in the lucrative South East Asia market”.
Mike Hsu, chairman, and CEO of Kimberly-Clark, said: “This acquisition represents a compelling strategic fit and demonstrates our commitment to accelerate growth in developing and emerging markets. 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”.
The transaction is expected to be closed by the last quarter of 2020.
Sources: PR Newswire