On Nov. 3, 2025, Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company. Shareholders of Kimberly-Clark, whose brands include Huggies, Kleenex and Cottonelle, will own about 54% of the combined company. Kenvue shareholders will own about 46%.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions in a bid to make each more nimble.

In July Kenvue, which also makes brands such as Listerine and Band-Aid, announced that CEO Thibaut Mongon was leaving as it continued with its strategic review. Board member Kirk Perry is serving as interim CEO.