NEW YORK (Standard&Poor's) July 22, 2005—Standard&Poor's Ratings Services said today that its ratings and outlook on Kimberly Clark Corp. (AA-/Stable/A-1+) are not affected by the company's announcement that it plans to implement strategic initiatives that will result in after-tax charges of between $625 million and $775 million. These charges are expected to be incurred over a three and one-half year period and could result in annual cost savings by 2009 of between $300 million and $350 million. Specific cost savings initiatives include plans to reduce the company's workforce by about 10% by 2008 and close approximately 20 manufacturing facilities. The company also plans to increase investments in business segments such as child care and mid-tier diapers,
