DALLAS, Sept. 23 -- Kimberly-Clark Corporation (NYSE: KMB) today completed the acquisition of Ballard Medical Products (NYSE: BMP), a leading maker of disposable medical devices for respiratory care, gastroenterology and cardiology. The transaction, which involves a tax-free exchange of stock valued at approximately $774 million and will be accounted for as a purchase, took place after Ballard's shareholders approved the deal at a meeting in Draper, Utah. Under the agreement, Ballard shareholders will receive $25 for each share of Ballard Medical common stock, payable in shares of Kimberly-Clark common stock.

With the acquisition, Kimberly-Clark gains new technologies and product offerings, allowing the company to further expand its growing professional health care business. The new product offerings include Trach Care, the No. 1 brand in respiratory suction catheters. Additionally, Kimberly-Clark will add enteral feeding tubes, endoscopy devices, disposable defibrillator pads and foam dispensed soap to its existing professional health care line of surgical gowns, drapes, sterilization wraps and disposable face masks.

The combined professional health care operation is expected to have annual sales of approximately $700 million and will be managed by David R. Murray, president of Kimberly-Clark's Professional Health Care Sector.

With $12.3 billion in sales in 1998, 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.