Irving-based consumer brands conglomerate Kimberly-Clark Corp. plans to spin off its healthcare business, effective Oct. 31. The result will be Halyard Health Inc., a new, publicly traded company.
Shareholders will receive one share of Halyard Health common stock for every eight shares of Kimberly-Clark common stock held as of the close of trading on Oct. 23, and cash in lieu of any fractional shares. One-hundred percent of Halyard Health shares will be distributed to Kimberly-Clark shareholders.
Tom Falk, chairman and CEO, said the move “will let Halyard Health pursue its own value-creation opportunities as a focused healthcare company.”
Shares will trade on the New York Stock Exchange under the symbol HYH. The business will continue to focus on products and solutions relating to infection prevention, surgical uses, respiratory and digestive health, and pain management. The group’s brands are sold in more than 100 countries.