Kimberly-Clark buying Tylenol maker Kenvue in $48.7 billion deal
Legal Compliance
Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.
Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46%.
The combined company will have a large stable of household brands under one roof, putting Kenvue’s Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark’s Cottonelle toilet paper, Huggies and Kleenex tissues. It will also generate about $32 billion in annual revenue.
Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions.
The deal announced Monday is among the largest corporate takeovers of the year.
Kenvue was thrust into the national spotlight last month when Health Secretary Robert F. Kennedy, Jr. reasserted the unproven link between the pain reliever Tylenol and autism, and suggested people who opposed the theory were motivated by hatred for President Donald Trump.
During a meeting with Trump and the Cabinet, Kennedy reiterated the connection, even while noting there was no medical proof to substantiate the claim.
In July Kenvue, announced that CEO Thibaut Mongon was leaving in the midst of a strategic review with the company under mounting pressure from activist investors. Board member Kirk Perry is serving as interim CEO.
“We will serve billions of consumers across every stage of life,” Kimberly-Clark Chairman and CEO Mike Hsu said in a statement.
Hsu will be chairman and CEO of the combined company. Three members of the Kenvue’s board will join Kimberly-Clark’s board at closing. The combined company will keep Kimberly-Clark’s headquarters in Irving, Texas and continue to have a significant presence in Kenvue’s locations.
The deal is expected to close in the second half of next year. It still needs approval from shareholders of both both companies.
Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.
Kimberly-Clark and Kenvue said that they identified about $1.9 billion in cost savings that are expected in the first three years after the transaction’s closing.
Shares of Kimberly-Clark slipped more than 15% before the market open, while Kenvue’s stock jumped more than 20%.
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Does a car or truck accident count as a work injury?
If an employee is injured in a car crash while on the job, they are eligible to receive workers’ compensation benefits. “On the job” injuries are not limited to accidents and injuries that happen inside the workplace, they may also include injuries suffered away from an employee’s place of work while performing a job-related task, such as making a delivery or traveling to a client meeting.
Regular commutes to and from work don’t usually count. If you get into an accident on your way in on a regular workday, it’s probably not considered a work injury for the purposes of workers’ compensation.
If you drive around as part of your job, an injury on the road or loading/unloading accident is likely a work injury. If you don’t typically drive around for work but are required to drive for the benefit of your employer, that would be a work injury in many cases.
If you are out of town for work, pretty much any driving would count as work related. For traveling employees, any accidents or injuries that happen on a work trip, even while not technically working, can be considered a work injury. The reason is because you wouldn’t be in that town in the first place, had you not been on a work trip.
Workers’ compensation claims for truck drivers, traveling employees and work-related injuries that occur away from the job site can be challenging and complex. At Krol, Bongiorno & Given, we understand that many families depend on the income of an injured worker, and we are proud of our record protecting the injured and disabled. We have handled well over 30,000 claims for injured workers throughout the state of Illinois.