DALLAS and SEOUL, Sept. 20, 2006 Kimberly-Clark Corporation (NYSE: KMB) today announced plans to create an Innovation Center of Excellence in Asia, to be located in KiHeung City in South Korea's Gyeonggi-do province, a few miles south of Seoul.
"This center will serve as a key resource supporting Kimberly-Clark's commitment to discover, develop and deliver emerging technologies that foster future growth and take the company to the next level of performance as a premier health and hygiene leader," said Cheryl Perkins, senior vice president and Chief Innovation Officer for Kimberly-Clark.
The South Korean government's Korea Trade Investment Promotion Agency (KOTRA) is providing a $1.6 million (USD) incentive package to Kimberly-Clark to create the Innovation Center, which the company plans to locate within the campus of the Yuhan Research Institute. The center is expected to open in the first quarter of 2007.
At a signing ceremony held today, the agreement for the incentive package was completed by Perkins; Sye-Kyun Chung, South Korea's minister of Commerce, Industry and Energy; and Ki-Hwa Hong, president of KOTRA.
Also present at the event were individuals who were instrumental in bringing the center to Korea: Jung Keun Cha, president of Yuhan Corporation; Kook Hyun Moon, president and chief executive officer of Kimberly-Clark's Yuhan-Kimberly subsidiary; and Moon-Soo Kim, governor of the Gyeonggi-do province.
"We sincerely appreciate the efforts of the Ministry of Commerce, Energy and Industry, KOTRA, and the administration of the Gyeonggi-do province, as well as those of Yuhan-Kimberly and Yuhan Corporation, all of which played an important role in supporting the establishment of Kimberly-Clark's Innovation Center here," Perkins said.
"Also, we are honored by the support and partnership provided by the government of South Korea.
"The rapidly developing science, technology and design infrastructure in South Korea creates a highly favorable climate for innovation. The country's technical talent pool and strategic location, coupled with Kimberly-Clark's strong market presence and reputation here, make it the ideal venue in which to base the Asian pillar of our global innovation initiative."
The center in Asia will be closely aligned with Kimberly-Clark's existing research staff in Neenah, Wis., and Roswell, Ga., and will collaborate closely with the academic, research and design communities in Korea. Utilizing the company's open innovation model, which leverages external relationships and networks, the center will focus on emerging technology and design platforms to create next generation health and hygiene solutions.
Comments on today's announcement from dignitaries attending the signing ceremony included:
- Sye-Kyun Chung, minister of Commerce, Industry and Energy for the government of South Korea: "Kimberly-Clark's decision to locate its Innovation Center in Korea will have a significant, positive impact on KOTRA's overall efforts to attract foreign investment and develop high-caliber technical talent for our country. I was pleased to visit the United States myself to participate directly in the negotiations that led to this landmark event. We anticipate a beneficial working relationship with Kimberly-Clark and look forward to the Innovation Center's long-term success."
- Ki-Hwa Hong, president of the Korea Trade Investment Promotion Agency: "Kimberly-Clark's Innovation Center in Asia clearly will benefit our economy through the company's financial investment, the jobs created and development of world class technical talent. More importantly, Korea, Asia and the world will benefit from the advancements generated by Kimberly-Clark's commitment to source new technologies, intelligence and partnership."
- Moon-Soo Kim, governor of Gyeonggi-do province: "We are pleased that one of the most respected companies in the world has chosen to locate this leading-edge Innovation Center in our province. We pledge our complete support to help Kimberly-Clark fulfill its intention that this center will lead the world in innovation."
- Kook Hyun Moon, president and CEO, Yuhan-Kimberly: "We take pride in the successful partnership between Kimberly-Clark and Yuhan Corporation and our
shared subsidiary's reputation for innovation and management excellence. We look forward to the increased momentum this center will bring to our efforts to produce and deliver superior health and hygiene products to the world."
The KOTRA incentive being offered to Kimberly-Clark is part of the South Korean government's Human Resources Development Program, initiated in 2004 by the Ministry of Commerce, Industry and Energy to attract foreign investment and encourage multinational companies to locate regional headquarters and centers in Korea.
About Kimberly-Clark
Kimberly-Clark and its well-known global brands are an indispensable part of life for people in more than 150 countries. Everyday, 1.3 billion peoplenearly a quarter of the world's populationtrust K-C brands and the solutions they provide to enhance their health, hygiene and well-being. With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in more than 80 countries. To keep up with the latest K-C news and to learn more about the company's 134-year history of innovation, visit www.kimberly-clark.com.
