US-based household firm Kimberly-Clark has announced the acquisition of personal care manufacturer Softex Indonesia for $1.2 billion.
Present in Indonesia since 1976, Softex is described as a producer of hygiene products for children, woman, and adults, with nappies being its most important category.
According to Kimberly-Clark, the acquisition of Softex will allow the company 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.