Kimberly-Clark sells majority stake of $3.4 billion international tissue unit to Brazil's Suzano

Kimberly-Clark on Thursday entered into a deal with Brazilian pulp maker Suzano to sell a majority stake in its international tissue business, valuing the business at about $3.4 billion, the Kleenex tissue maker said.

Kimberly-Clark, which has looked to focus on more profitable parts of the company, said it would own a 49% interest in the new venture while Suzano would own 51%.

Suzano will have the option to purchase Kimberly-Clark’s remaining 49% ownership interest at certain specified times and subject to certain conditions, under an agreed valuation framework, the Irving, Texas-based company said.