Wayne R. Sanders, chairman and chief executive officer of Kimberly-Clark, said, "Our positive momentum is continuing, with innovative products, productivity gains and rigorous cost controls driving improved results. In addition, in anticipation of higher costs for fiber and other raw materials, we have increased selling prices of our tissue products around the world. In fact, today we announced a price increase of up to 12 percent to customers of our U.S. away-from-home tissue business. This price increase is effective in April 2000.
"Moreover, given our confidence in the company's continued growth in sales and earnings, we plan to accelerate our pace of share repurchases. Our strong cash flow puts us in an enviable position of being able to invest in the future growth of our businesses while continuing to repurchase shares."
Kimberly-Clark Corporation is a leading global manufacturer of tissue, personal care and health care products. The company's global brands include Huggies, Pull-Ups, Kotex, Depend, Kleenex, Scott, Kimberly-Clark, Tecnol, Kimwipes and WypAll. Other brands well known outside the U.S. include Andrex, Scottex, Page, Popee and Kimbies. Kimberly-Clark also is a major producer of premium business, correspondence and technical papers. The company has manufacturing operations in 40 countries and sells its products in more than 150 countries.
Certain matters contained in this news release concerning the business outlook, anticipated financial and operating results, strategies, contingencies and transactions of the company constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events impacting the company. For a description of certain factors that could cause the company'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 company's Annual Report on Form 10-K/A for the year ended December 31, 1998 entitled "Factors That May Affect Future Results."