Hindustan Unilever on Friday said its board has approved its decision to divest its stake in Kimberly-Clark Lever (KCL) and focus on its core businesses.
According to the company, it has signed an agreement for divestment of its 50 per cent shareholding in KCL in favour of Kimberly-Clark Corporation, US.
"This decision is in line with the company's objective to focus on its core business," the company said in a BSE statement.
"Accordingly, KCL shall cease to be a joint venture of the company," it added. KCL makes and sells the "Kotex" and "Huggies" brands since 1995.
"The company shall work with KCC to ensure a smooth transition for the business," the statement added.
--IANS
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