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<font face="Times New Roman" size="4"><b>UNITED STATES</b></font></p>
<br>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="4"><b>SECURITIES AND EXCHANGE
COMMISSION</b></font></p>
<br>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="4"><b>WASHINGTON, D.C.
20549</b></font></p>
<br>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="4"><b>FORM 8-K</b></font></p>
<br>
<p style="margin-top:0px;margin-bottom:0px"><font size=
"1">&nbsp;</font></p>
<hr width="19%" size="1" noshade color="#000000">
<p style="margin-top:0px;margin-bottom:0px"><font size=
"1">&nbsp;</font></p>
<br>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="5"><b>CURRENT
REPORT</b></font></p>
<br>
<p style="margin-top:0px;margin-bottom:0px"><font size=
"1">&nbsp;</font></p>
<p style="margin-top:0px;margin-bottom:0px">&nbsp;</p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0"
cellspacing="0" width="100%">
<tr>
<td align="center" valign="top"><font face="Times New Roman" size=
"3"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934</b></font></td>
</tr>
</table>
<p style="margin-top:0px;margin-bottom:0px"><font size=
"3">&nbsp;</font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="3"><b>Date of Report: &nbsp;
July 20, 2005</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font size="1">(Date of earliest event reported)</font></p>
<p style="margin-top:0px;margin-bottom:0px"><font size="1"><br>
&nbsp;</font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0"
cellspacing="0" width="100%">
<tr>
<td width="5%" valign="top" align="left">
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="6"><b>KIMBERLY-CLARK
CORPORATION</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="1">(Exact name of registrant as
specified in its charter)</font></p>
<br>
<br>
&nbsp;
<p style="margin-top:0px;margin-bottom:0px"><font size=
"1">&nbsp;</font></p>
</td>
</tr>
</table>
<table cellspacing="0" cellpadding="0" width="100%" border="0"
align="center">
<tr>
<td width="49%"></td>
<td valign="bottom" width="5%"></td>
<td width="48%"></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size=
"2"><b>Delaware</b></font></td>
<td valign="top" align="center"><font face="Times New Roman" size=
"2"><b>1-225</b></font></td>
<td valign="top" align="center"><font face="Times New Roman" size=
"2"><b>39-0394230</b></font></td>
</tr>
<tr>
<td valign="top" align="center">
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="1">(State or other jurisdiction
of</font></p>
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font face="Times New Roman" size="1">incorporation)</font></p>
</td>
<td valign="top" align="center">
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="1">(Commission File</font></p>
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font face="Times New Roman" size="1">Number)</font></p>
</td>
<td valign="top" align="center">
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="1">(IRS Employer</font></p>
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font face="Times New Roman" size="1">Identification
No.)</font></p>
</td>
</tr>
<tr>
<td height="16"></td>
<td height="16" colspan="2"></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size=
"2"><b>P. O. Box 619100, Dallas, Texas</b></font></td>
<td valign="bottom"><font size="1">&nbsp;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size=
"2"><b>75261-9100</b></font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size=
"1">(Address of principal executive offices)</font></td>
<td valign="bottom"><font size="1">&nbsp;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size=
"1">(Zip Code)</font></td>
</tr>
</table>
<br>
<p style="margin-top:0px;margin-bottom:0px"><font size=
"1">&nbsp;</font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="2"><b>(972)
281-1200</b></font></p>
<p style="margin-top:0px;margin-bottom:0px">&nbsp;</p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font face="Times New Roman" size="1">(Registrant&#146;s telephone
number, including area code)</font></p>
<br>
<center>
<hr width="19%" size="1" noshade color="#000000"></center>
<br>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:</FONT></P>

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
<BR><BR>
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
<BR><BR>
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
<BR><BR>
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.02 Results of
Operations and Financial Condition </FONT></P>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Attached
and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of
Kimberly-Clark Corporation, dated July 22, 2005, reporting the Corporation&#146;s results
of operations for the quarter ended June 30, 2005.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
information, including exhibits attached hereto, in Item 2.02 of this Current Report is
being furnished and shall not be deemed &#147;filed&#148; for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information in Item 2.02 of this Current Report shall
not be incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated
in such filing.  </FONT></TD>
</TR>
</TABLE>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.05 Costs
Associated with Exit or Disposal Activities </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On
July 20, 2005, the Corporation authorized the initial phase of a multi-year program to
further improve its competitive position by accelerating investments in targeted growth
opportunities, streamlining its worldwide manufacturing operations and enhancing the
efficiency and cost effectiveness of its administrative operations.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><U>Background.</U></B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
With
the introduction of its Global Business Plan in 2003, the Corporation detailed a
long-term strategy for top- and bottom-line growth through a financially disciplined
approach to brand reinvestment and innovation. The Competitive Improvement Initiatives
announced by the Corporation are consistent with that plan and are designed to deliver
cost savings while focusing investment on building and growing those businesses that will
yield improved margins and higher returns on invested capital.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
These
targeted growth investments are driven by a proactive and determined focus on delivering
the best solutions to customers, shoppers and users in the areas in which the Corporation
is uniquely positioned to achieve the greatest success. Specifically, the Corporation
will invest to:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>strengthen
its leadership position in baby and child care, adult care and family care. In
particular, investments to support &#147;grow&#148; businesses, such as light-end
incontinence, child care and mid-tier diapers, will be ramped up.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accelerate
growth in developing and emerging markets by focusing on the high growth BRICIT (Brazil,
Russia, India, China, Indonesia and Turkey) countries.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>build
on positions of regional strength in feminine care &#150; the Americas and parts of Asia
&#150; while improving returns for the business worldwide.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>extend
the K-C Professional portfolio in higher margin segments such as workplace, safety and
do-it-yourself markets.  </FONT></TD>
</TR>
</TABLE>
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<p Style='page-break-before:always'>


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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>expand
core health care products globally and shift the portfolio to higher margin products.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>boost
R&amp;D spending to better identify and leverage customer/shopper/user insights &#150; and
then more quickly transform those insights into proprietary technologies and innovative
total solutions that will drive both growth and profitability. The Corporation expects R&amp;D
spending to rise to more than $400 million by 2009, an increase of over 50 percent
compared to 2004.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>upgrade
customer management skills, tools and processes in order to strengthen customer
relationships and collaboration efforts.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
support of these initiatives and to help improve brand equity and market share, the
Corporation plans to reinvest significant funds in strategic marketing, raising spending
levels as a percent of sales by more than 100 basis points from 2004 to 2009.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><U>Strategic
Cost Reduction Projects.</U></B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
These
investments go hand in hand with strategic cost reductions aimed at streamlining
manufacturing and administrative operations primarily in North America and Europe,
creating an even more competitive platform for growth and margin improvement.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
new cost reduction initiatives will commence in the third quarter of 2005 and are
expected to be substantially completed by December 31, 2008. The initiatives will result
in cumulative charges of approximately $900 million to $1.1 billion before tax ($625-$775
million after tax) over that three and one-half year period. The initiatives are expected
to yield annual pretax savings that increase to $300-$350 million by 2009. Continuous
productivity gains over the last several years along with investments in state-of-the-art
manufacturing capacity are enabling the Corporation to consolidate production at fewer
facilities. Cash costs related to the sale, closure or streamlining of operations,
relocation of equipment, severance and other expenses are expected to account for
approximately 45 percent of the charges. Noncash charges will consist primarily of
accelerated depreciation and asset write downs.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
By
the end of 2008, it is anticipated there will be a net workforce reduction of about 10
percent, or approximately 6,000 employees. Approximately 20 manufacturing facilities, or
17 percent of the Corporation&#146;s worldwide total, will be sold or closed, and an
additional 4 facilities will be streamlined. In addition, 7 other facilities will be
expanded as some production capacity from affected facilities is transferred to them to
further improve the scale, productivity and cost position of those operations. There is a
particular focus on Europe aimed at improving business results in the region. The
Corporation intends to consolidate and streamline manufacturing facilities, further
improve operating efficiencies, and reduce selling, general and administrative expenses
while reinvesting in key growth opportunities there.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
initial phase of the cost reduction initiatives will occur between now and mid-2007 and
will include the sale, closure or streamlining of 15 of the facilities and the  </FONT></TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
expansion
of 3 others. After tax charges in connection with these projects are expected to total
approximately $355-$390 million ($500-$550 million before tax). The Corporation
anticipates that the charges for the initial phase will be incurred for the following
categories at the indicated estimated amounts: workforce reduction costs (approximately
$150 million); accelerated depreciation (approximately $190 million); asset impairments
(approximately $100 million); and other associated costs (approximately $90 million).  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Corporation will report on the progress of these strategic cost reduction activities on a
quarterly basis and provide information about future phases as specific projects are
approved and implemented.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>Forward
Looking Statements.</u> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Current Report on Form 8-K may contain forward-looking statements that are based upon
management&#146;s expectations and beliefs concerning future events impacting the
Corporation. Certain matters contained herein concerning the business outlook, including
new product introductions, cost savings and acquisitions, anticipated costs and savings
related to the Competitive Improvement Initiatives, anticipated financial and operating
results, strategies, contingencies, and anticipated transactions of the Corporation
constitute forward-looking statements and are based upon management&#146;s expectations
and beliefs concerning future events impacting the Corporation. There can be no assurance
that these future events will occur as anticipated or that the Corporation&#146;s results
will be as estimated. For a description of certain factors that could cause the
Corporation&#146;s future results to differ materially from those expressed in any such
forward-looking statements, see the section of Part I, Item 1 of the Corporation&#146;s
Annual Report on Form 10-K for the year ended December 31, 2004 entitled &#147;Factors
That May Affect Future Results.&#148; </FONT></TD>
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<a name="A003" id="A003"></a>
<p align="center"><font face="Times New Roman, Times, Serif" size="2"><u>SIGNATURE</u></font></p>
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<p><font face="Times New Roman, Times, Serif" size="2">Pursuant to
the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</font></p>
<p align="center"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KIMBERLY-CLARK CORPORATION</font></p><table cellpadding="0" cellspacing="0" width="100%"><tr>
<td valign="top" width="50%"><font face="Times New Roman" size="2">Date: July 22, 2005</font></td>
<td width="50%"><font face="Times New Roman" size="2">By:</font><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;M<small>ARK&nbsp;&nbsp;</small>A.&nbsp;B<small>UTHMAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></font></u>
<p><font face="Times New Roman">Mark&nbsp;A. Buthman<br>Senior Vice President and<br>
Chief Financial Officer</font></p>
</td>
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<p>&nbsp;</p>
<p>&nbsp;</p>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT INDEX </U></FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(99.1)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Press
release issued by Kimberly-Clark Corporation on July 22, 2005, regarding the Corporation&#146;s
results of operations for the quarter ended June 30, 2005.  </FONT></TD>
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report:  
July 20, 2005
(Date of earliest event reported)
KIMBERLY-CLARK
CORPORATION
(Exact name of registrant as
specified in its charter)
Delaware
1-225
39-0394230
(State or other jurisdiction
of
incorporation)
(Commission File
Number)
(IRS Employer
Identification
No.)
P. O. Box 619100, Dallas, Texas
75261-9100
(Address of principal executive offices)
(Zip Code)
(972)
281-1200
(Registrant's telephone
number, including area code)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of
Operations and Financial Condition
Attached
and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of
Kimberly-Clark Corporation, dated July 22, 2005, reporting the Corporation's results
of operations for the quarter ended June 30, 2005.
The
information, including exhibits attached hereto, in Item 2.02 of this Current Report is
being furnished and shall not be deemed "filed" for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information in Item 2.02 of this Current Report shall
not be incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated
in such filing.
Item 2.05 Costs
Associated with Exit or Disposal Activities
On
July 20, 2005, the Corporation authorized the initial phase of a multi-year program to
further improve its competitive position by accelerating investments in targeted growth
opportunities, streamlining its worldwide manufacturing operations and enhancing the
efficiency and cost effectiveness of its administrative operations.
Background.
With
the introduction of its Global Business Plan in 2003, the Corporation detailed a
long-term strategy for top- and bottom-line growth through a financially disciplined
approach to brand reinvestment and innovation. The Competitive Improvement Initiatives
announced by the Corporation are consistent with that plan and are designed to deliver
cost savings while focusing investment on building and growing those businesses that will
yield improved margins and higher returns on invested capital.
These
targeted growth investments are driven by a proactive and determined focus on delivering
the best solutions to customers, shoppers and users in the areas in which the Corporation
is uniquely positioned to achieve the greatest success. Specifically, the Corporation
will invest to:
•
strengthen
its leadership position in baby and child care, adult care and family care. In
particular, investments to support "grow" businesses, such as light-end
incontinence, child care and mid-tier diapers, will be ramped up.
•
accelerate
growth in developing and emerging markets by focusing on the high growth BRICIT (Brazil,
Russia, India, China, Indonesia and Turkey) countries.
•
build
on positions of regional strength in feminine care – the Americas and parts of Asia
– while improving returns for the business worldwide.
•
extend
the K-C Professional portfolio in higher margin segments such as workplace, safety and
do-it-yourself markets.
•
expand
core health care products globally and shift the portfolio to higher margin products.
•
boost
R&D spending to better identify and leverage customer/shopper/user insights – and
then more quickly transform those insights into proprietary technologies and innovative
total solutions that will drive both growth and profitability. The Corporation expects R&D
spending to rise to more than $400 million by 2009, an increase of over 50 percent
compared to 2004.
•
upgrade
customer management skills, tools and processes in order to strengthen customer
relationships and collaboration efforts.
In
support of these initiatives and to help improve brand equity and market share, the
Corporation plans to reinvest significant funds in strategic marketing, raising spending
levels as a percent of sales by more than 100 basis points from 2004 to 2009.
Strategic
Cost Reduction Projects.
These
investments go hand in hand with strategic cost reductions aimed at streamlining
manufacturing and administrative operations primarily in North America and Europe,
creating an even more competitive platform for growth and margin improvement.
The
new cost reduction initiatives will commence in the third quarter of 2005 and are
expected to be substantially completed by December 31, 2008. The initiatives will result
in cumulative charges of approximately $900 million to $1.1 billion before tax ($625-$775
million after tax) over that three and one-half year period. The initiatives are expected
to yield annual pretax savings that increase to $300-$350 million by 2009. Continuous
productivity gains over the last several years along with investments in state-of-the-art
manufacturing capacity are enabling the Corporation to consolidate production at fewer
facilities. Cash costs related to the sale, closure or streamlining of operations,
relocation of equipment, severance and other expenses are expected to account for
approximately 45 percent of the charges. Noncash charges will consist primarily of
accelerated depreciation and asset write downs.
By
the end of 2008, it is anticipated there will be a net workforce reduction of about 10
percent, or approximately 6,000 employees. Approximately 20 manufacturing facilities, or
17 percent of the Corporation's worldwide total, will be sold or closed, and an
additional 4 facilities will be streamlined. In addition, 7 other facilities will be
expanded as some production capacity from affected facilities is transferred to them to
further improve the scale, productivity and cost position of those operations. There is a
particular focus on Europe aimed at improving business results in the region. The
Corporation intends to consolidate and streamline manufacturing facilities, further
improve operating efficiencies, and reduce selling, general and administrative expenses
while reinvesting in key growth opportunities there.
The
initial phase of the cost reduction initiatives will occur between now and mid-2007 and
will include the sale, closure or streamlining of 15 of the facilities and the
expansion
of 3 others. After tax charges in connection with these projects are expected to total
approximately $355-$390 million ($500-$550 million before tax). The Corporation
anticipates that the charges for the initial phase will be incurred for the following
categories at the indicated estimated amounts: workforce reduction costs (approximately
$150 million); accelerated depreciation (approximately $190 million); asset impairments
(approximately $100 million); and other associated costs (approximately $90 million).
The
Corporation will report on the progress of these strategic cost reduction activities on a
quarterly basis and provide information about future phases as specific projects are
approved and implemented.
Forward
Looking Statements.
This
Current Report on Form 8-K may contain forward-looking statements that are based upon
management's expectations and beliefs concerning future events impacting the
Corporation. Certain matters contained herein concerning the business outlook, including
new product introductions, cost savings and acquisitions, anticipated costs and savings
related to the Competitive Improvement Initiatives, anticipated financial and operating
results, strategies, contingencies, and anticipated transactions of the Corporation
constitute forward-looking statements and are based upon management's expectations
and beliefs concerning future events impacting the Corporation. There can be no assurance
that these future events will occur as anticipated or that the Corporation's results
will be as estimated. For a description of certain factors that could cause the
Corporation's future results to differ materially from those expressed in any such
forward-looking statements, see the section of Part I, Item 1 of the Corporation's
Annual Report on Form 10-K for the year ended December 31, 2004 entitled "Factors
That May Affect Future Results."
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
KIMBERLY-CLARK CORPORATION
Date: July 22, 2005
By:
/s/    M
ARK
A. B
UTHMAN
Mark A. Buthman
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
(99.1)
Press
release issued by Kimberly-Clark Corporation on July 22, 2005, regarding the Corporation's
results of operations for the quarter ended June 30, 2005.