750 Kimberly Clark employees will receive a lump of coal in their Christmas stocking this year.
Kimberly-Clark announced it will close its Everett, Washington pulp and paper mill early next year. The company finished its latest quarter with record sales and $1.2 billion cash on hand. For the last four quarters, it raked in about $3.5 billion in net income. CEO Thomas J. Falk, #214 on the Forbes 400, made $10.5 million last year.
Kimberly-Clark acquired the mill in 1995 with its purchase of Scott Paper company. It has been operating on the shores of Puget Sound for 80 years. Many employees have been working at the plant their entire adult lives.
Merry Christmas to you, too, Mr. Falk.