8-K

                                   FORM 8-K

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549





                                CURRENT REPORT

    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


                      DATE OF REPORT:  NOVEMBER 30, 2001
                       (Date of earliest event reported)


                          KIMBERLY-CLARK CORPORATION
            (Exact name of registrant as specified in its charter)


     DELAWARE                           1-225                  39-0394230

     (State or other jurisdiction   (Commission File        (IRS Employer
        of incorporation)              Number)               Identification No.)


          P.O. BOX 619100, DALLAS, TEXAS                            75261-9100
          (Address of principal executive offices)                  (Zip Code)


                                (972) 281-1200
             (Registrant's telephone number, including area code)




Item  9. Regulation FD Disclosure
- ---------------------------------

Attached hereto as Exhibit 99 is a the text of a conference call webcasted on
November 30, 2001 regarding Kimberly-Clark Corporation's business outlook for
2002.


                                   SIGNATURE
                                   ---------

Pursuant  to  the  requirements  of  the  Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to be signed on its behalf by the
undersigned  hereunto  duly  authorized.


                                       KIMBERLY-CLARK CORPORATION


Date: November 30, 2001                      By: /s/ John W. Donehower
                                                 -----------------------------
                                             John W. Donehower
                                             Senior Vice President and
                                             Chief Financial Officer


                                 EXHIBIT INDEX
                                 -------------

(99)   Text of a conference call webcasted on November 30, 2001 regarding
       Kimberly-Clark Corporation's business outlook for 2002.

EX-99

EXHIBIT  99



                     TEXT OF KIMBERLY-CLARK CORPORATION'S
                       NOVEMBER 30, 2001 CONFERENCE CALL


This  document  sets  out  the  text of a conference call held on November 30,
2001. The conference call was pre-announced and was webcasted. It is available
for  playback  for  a  period  of  approximately  one  month  by accessing and
following  the  instructions  in  the  Investors  section  of Kimberly-Clark's
website  (www.kimberly-clark.com).
          ----------------------

FORWARD  LOOKING  STATEMENT.   Certain matters discussed during the conference
call  concerning  the  business  outlook,  anticipated financial and operating
results,  strategies,  contingencies  and  contemplated  transactions  of  the
company  constitute forward-looking statements and are based upon management's
expectations  and  beliefs  concerning  future  events  impacting the company.
There  can be no assurance that these events will occur as anticipated or that
the  company's  results  will  be  as estimated.  For a description of certain
factors  that  could  cause  the company's future results to differ materially
from  those  expressed in any such forward-looking statements, see the section
of  Part  I,  Item  1 of the company's Annual Report on Form 10-K for the year
ended  December  31,  2000  entitled "Factors That May Affect Future Results."

MICHAEL  D.  MASSETH,  VICE  PRESIDENT  -  INVESTOR  RELATIONS.   Good morning
everyone.    We appreciate your interest in Kimberly-Clark. I'm glad you could
join  us this morning to hear about the highlights of our planning assumptions
for the coming year. To summarize, we see good opportunities for both top- and
bottom-line growth in 2002.  We also expect cash flow will continue to be very
strong.    Now,  I'll  turn  it  over  to  Wayne.

WAYNE  R.  SANDERS  -  CHAIRMAN AND CHIEF EXECUTIVE OFFICER.  Thanks, Mike and
good  morning, everyone. Today, we're going to give you a preview of our plans
for  2002.    Here's  the agenda: First, I will make some brief comments about
2001,  then  Tom and Jack will cover accounting changes that we're required to
adopt  in our future financial statements.  Following that, I will give you an
overview  of  our  2002 plan and Tom will discuss the strategic highlights for
each  of  our  business  segments.   Finally, I will wrap up with some summary
observations.

2001  OVERVIEW
- --------------

So, starting with this year's results...  At the beginning of the year, no one
would  have  predicted  the  challenges that would confront most multinational
companies.   From the unprecedented strength of the U.S. dollar, which climbed
to  a 15-year high, confounding all the experts; to the spike in energy costs,
particularly  natural  gas  and electricity, in the first half of the year; to
the  weakening  economy, that was dealt an additional blow by the tragedies of
September  11.

I  won't go back over the details of our results over the first three quarters
of  the  year.   Suffice it to say that the combination of a strong dollar and
high  energy  prices  cost  us  19 cents per share.  That's well over half our
planned growth for the full year.  And this has happened at a time when we are
investing  at  a  record  level in major global growth initiatives, including:

    -  Three  large,  technology-advantaged UCTAD tissue machines that are
       supporting the launch of new and improved products like SCOTT towels and
       COTTONELLE bathroom tissue with Aloe & E in the U.S. and SCOTTEX
       bathroom tissue in Europe, as well as the growth of successful products
       like K-C Professional's  KLEENEX  SCOTTFOLD  hand  towels.
    -  An  opportunistic  diaper  acquisition  in  Italy.
    -  An entirely new business line in COTTONELLE FRESH rollwipes, with both
       start-up  costs  and  introductory  marketing  costs.
    -  Our largest business systems effort in history to drive down backroom
       costs worldwide and standardize our global supply chain infrastructure.
    -  Significant upgrades to our product platforms around the world to
       standardize them, improve relative product performance and reduce costs.
    -  These investments are all part of an aggressive, nearly $1.1 billion
       capital plan for 2001. The other common thread is that each of these
       programs contributes to higher costs in 2001, but paves the way for
       additional top-line growth  or  lower  costs  in  the  future.

Meanwhile, in spite of the impact from external factors in 2001, our cash flow
has  remained  strong  - and that has provided the funds for us to continue to
invest  in  growth  and  repurchase  common  stock.

Now,  to  update you on our business trends in the fourth quarter, Health Care
is continuing to do well, and our Consumer Tissue and Personal Care businesses
are  also  off to a good start in a competitive environment.  K-C Professional
is  beginning  to  recover  from  the  weakness  experienced  in  September as
businesses  in  the  U.S.  are  starting to get back to "normal."  So far, the
trends are consistent with our expectations, and we're confident that earnings
from  operations  in the fourth quarter will be in the range that we announced
last  month.

Additionally in the fourth quarter, we will be implementing programs that will
result  in  the  shutdown of four small, older plants in Latin America and one
small  Technical  Paper  mill  in North America.  As you know, these moves are
consistent  with  our  intent  to  continue  to  move  to  fewer, larger, more
efficient  and cost-effective plants over time.  We will record special pretax
charges  of  about  $120  million,  including  up to $90 million in the fourth
quarter  of  2001, to close the 5 manufacturing facilities and write off other
assets.   Approximately 1,400 jobs, or 2 percent of our global workforce, will
be  affected.    The  cash  component  of the cost is expected to be about $30
million.    Annual pretax benefits from these moves are expected to exceed $25
million  in  2003.

That  brings you up to date.  Now we'd like to spend the rest of our time with
you  looking forward.  Tom and Jack will begin with a review of the accounting
changes  that  will  affect  our  future financial statements.  Tom, you're up
first.

THOMAS  J.  FALK  -  PRESIDENT  AND  CHIEF  OPERATING  OFFICER

Thanks,  Wayne  and  good  morning  to  you  all.

Global  Segment  Reporting.  The  first accounting issue results from recent
- ---------------------------
organization  changes  that  will  cause  us  to  report  our business segment
information  differently  than  we  have  in  the  past.

Robert  Abernathy,  who  was formerly Group President - Global Health Care and
Nonwovens  has  become  President  of  a  new  group  that we call Business to
Business.   This  means  Robert  assumes  additional responsibility for K-C
Professional, our away from home products business, and Neenah Paper, our fine
paper  operation.  This new Business to Business organization should enable us
to  get  greater  benefit  from the scale and commonality of K-C Professional,
Health  Care  and  our other B2B operations.  The combined businesses offer us
top-line growth and profit potential by selling a broader range of products to
distributors  and  end  users;  by  developing  world-class  Go-To-Market  and
globalization  capabilities  across  the entire portfolio of these businesses;
and  by implementing common systems and streamlining administrative operations
to  reduce  costs.

What  this means is that from a financial reporting standpoint, we will remove
the  sales  and  earnings of K-C Professional and Neenah Paper from the Tissue
segment  and  include  them in our new Business to Business segment along with
our  Health  Care,  Nonwovens  and  Technical  Papers operations that formerly
constituted the Health Care and Other segment.  The now smaller Tissue segment
has  been  renamed  Consumer  Tissue.  There will be no change to the Personal
Care  segment.

When  you look at our new segment line-up, which we will report beginning with
our  fourth  quarter  2001  results,  here's what you will see (on the current
sales  accounting  basis,  excluding  unusual  items):

    -  Personal  Care  will  account  for nearly 40 percent of sales, with
       operating  profit  margins  of  about  20  percent;
    -  Consumer  Tissue  will represent about 35 percent of sales and have
       operating  profit  margins  in  the  16  to  17  percent  range;  and
    -  B2B  will  include  the  remaining 25 percent of sales and generate
       operating  profit  margins  of  approximately  18  percent.

As  you  can  see,  each is a sizeable segment in a large global category with
very  strong  profit  margins.

Now,  I'll let Jack tell you about the two other accounting changes that we're
required  to  make  in  2002.

JOHN  W.  DONEHOWER  -  CHIEF  FINANCIAL  OFFICER

Thanks,  Tom.

Accounting  Change  -  Goodwill.  The two changes have to do with new FASB
- --------------------------------
pronouncements.  I'm sure you're familiar with them.

First,  beginning  with  the first quarter of 2002, goodwill will no longer be
amortized  but will be subject to annual impairment tests.  Prior periods will
not  be  restated.   If we were to apply the new accounting standards in 2001,
our  reported  net income for the full year would increase by an estimated $95
million, or approximately 18 cents per share.  This change does not affect our
cash  flow,  but  reported  net  income  in  2002  and  beyond  will  benefit.

The  dollar  amount is derived from the goodwill amortization expense that you
see  on  a  separate line of our income statement, along with approximately $8
million of goodwill amortization included in our share of net income of equity
companies.    The income tax offset is only about $2 million because the great
majority  of  our  goodwill amortization is non-tax deductible.  Adjusting for
this  accounting  change  will  lower  the  effective  tax  rate  for  2002 to
approximately  29.5  percent.

We will go through all the impairment tests as required by June 30 of next
year. At this time, we are not expecting any write-offs.

Accounting  Change  -  Promotion  Expenses
- ------------------------------------------

The  second  accounting  requirement  is  that the costs of customer promotion
activities  and  redemption  of  consumer  coupons  that  we  have recorded as
expenses  will  instead  be  classified  as  a  reduction  of  sales.    These
requirements  are set forth in the Emerging Issues Task Force (EITF) bulletins
00-14  and  00-25 and must also be adopted beginning with the first quarter of
2002.

The  reclassifications  will  not  result in any change to operating profit or
earnings  per  share  from operations.  The reclassification will simply lower
our  sales  numbers and our A&P numbers by the same amount.  All periods prior
to  adoption  will  also  be  reclassified  for  comparative  purposes.

For  those  of  you following along on our web site, you can see the impact of
the reclassification on our income statement for the year 2000.  The reduction
in  both  sales  and  expenses is about $1.1 billion, comprised of almost $200
million  for  consumer  promotions and $900 million for trade promotions.  You
can  also see the impact on margins, excluding unusual items. Operating profit
margin  for 2000, as reclassified, rises to 20.4 percent as compared with 18.8
percent  under  the  former  accounting  treatment.   On the other hand, gross
profit margin, as reclassified, is lowered under the new accounting treatment.

Before  we report first quarter 2002 results, we will provide all the detailed
numbers  for  reclassifying income statements and segment information for 2001
and  prior  years. You should expect the amount of the reclassification for
2001 will be somewhat greater  than  the  $1.1  billion  for  2000, given the
increased level of A&P spending this year. With that  background on accounting
changes, Wayne and Tom will now cover the strategic and operating highlights
of our 2002 plan. Here's Wayne.


WAYNE  R.  SANDERS  -  CHAIRMAN  AND  CHIEF  EXECUTIVE  OFFICER

Sales  and  Earnings  Growth  Objectives
- ----------------------------------------

Thanks,  Jack.  First, I'd like to talk about our overall objectives for top-
and bottom-line growth that we have recently reexamined and discussed with our
board.  The  headline here is that we continue to believe that our targets are
appropriate and reasonable.  To reiterate, our objectives are to grow sales at
a  6 to 8 percent rate and to increase earnings per share from operations at a
double-digit rate.

This does not mean we will hit the objectives every single quarter or every
single year. That's simply not a realistic expectation given the potential
for variability in external factors and in the context of managing a business
to generate superior shareholder returns and competitive advantage over the
long haul. And in fact, that's where we find ourselves this year as a result
of  our choosing to proceed with major growth investments at a time when world
events  significantly  constrained  our  results.

But  if you look at our results over time, you will find that over 3 years, 10
years  or  even  15 years, our sales and earnings growth has been in line with
those  targets. We believe we can stay on that long-term trend line looking
forward.

Here's  how  our  planning  model works. The first step is to drive the sales
growth.  Interestingly, over the past three years, our sales growth, excluding
divested  businesses,  has  averaged about 7 percent despite negative currency
effects  of  more  than  2  percent.  Organic growth was in the 5 to 6 percent
range  and  acquisitions  added  a  little  more  than  3  percent.

When  you  consider  our 6 to 8 percent sales growth objective, expect organic
growth in the mid-single digits, supplemented by acquisitions of approximately
1  to  2 percent.  In a normal year, if there is such a thing, price increases
in  our  international operations would be expected to offset foreign currency
effects.  Again, remember that we're generating sufficient cash to continue to
fund  the  investments  necessary  to  generate both organic growth as well as
growth  from  acquisitions.

To get from 6 to 8 percent sales growth to double-digit growth in earnings per
share from operations requires:

    -  High  margin  new  products  and  line  extensions;
    -  Technology upgrades, such as our proprietary, low-cost UCTAD tissue
       process;
    -  Benchmarking  and  productivity  improvement programs to drive best
       practices  in  our  manufacturing  operations  all  around  the  world;
    -  Go-To-Market initiatives that enable us to drive costs out of the entire
       supply chain in partnership with  both  our  customers  and  suppliers;
    -  Investing  in  systems  to streamline and centralize administrative
       operations  to  minimize  "back  office"  costs;  and  finally,
    -  Continuing to use our strong cash flow to repurchase an average of 2 to
       3 percent of our outstanding  common  stock  annually.

2002  Planning  Assumptions
- ---------------------------

Now,  applying  that model to 2002, our plan is really volume-driven.  We have
not  budgeted  any new list price increases, and we are assuming an aggressive
level  of  A&P to help drive next year's volume growth.  In total, pricing and
promotion  will  likely  be  a  small  negative  in  2002.

With regard to currency, we're expecting relative stability in key currencies,
with  the  exception of the Brazilian real.  So, our plan doesn't hinge on any
significant recovery in foreign currency rates.  Here are the key rates in the
plan  for  our 2002 income statement.  On balance, they look pretty similar to
current  rates  and  are  hopefully a bit conservative.  Time will tell.  They
are:

    -  Australian dollar  -  52 cents;
    -  Brazilian real  -  36 cents;
    -  British pound  -  $1.40;
    -  Euro  -  88 cents;
    -  Mexican peso - 9.6 to the dollar;
    -  South Korean won  -  about 1,310 to the dollar; and
    -  Taiwan dollar - 34.5 to the dollar

Based on these rates, we expect currency effects will reduce our 2002 sales by
about 1 percent.  That's a far cry from the nearly 3 percent drag we have seen
through the first nine months of this year.  And the impact on earnings should
be  minimal  in  comparison  with  what  we've had to deal with this year.  We
should  see  a  more  "normal"  2  to  3  cents  per  share.

In fact, we should start to see some moderation of the currency effects in the
fourth  quarter,  on  both  sales  and  earnings per share.  The EPS impact is
expected  to  be  1  to  2  cents negative (not counting the Australian dollar
forward  contracts,  which  are  marked  to  market).

And with currency effects a much less onerous factor in 2002, we believe sales
and  operating  profits  at  most  of  our  international  units will rebound.

That's  how  we  see  sales in 2002.  Now, let me talk about costs.  Among our
largest  cost  components  are  pulp,  polymer  and  energy.

First,  for pulp costs, we're assuming the average cost will be slightly lower
in  2002  than  in 2001, at around $550 per metric ton versus $575 per ton for
the  benchmark Northern Softwood grade.  This implies an increasing trend from
the  current  level, which is about $500 per ton.  With the backdrop of a soft
global economy, however, there is no reason to expect any significant or rapid
movement  up.

Based  on  current  energy  prices,  we're  expecting polymer prices to remain
pretty  similar  to  today's  levels.    As  we  look  at  our  year-over-year
comparisons,  this  should  give us a modest benefit in 2002, primarily in the
first  half.    We  expect  energy costs in 2002 will be lower than in 2001 by
several  cents  per  share, again with most of the benefit coming in the first
half  of  the  year.

Finally,  our  plan for 2002 includes a big increase in pension expense.  This
is  not  surprising,  given  stock  market  performance  over  the  past year.
Although  we  put  risk control measures in place that mitigated losses in our
pension  plans  and that will result in excellent performance compared to most
other  plans,  the  returns  are  still  well  below  the  assumed  rate.

As  a  result,  we  expect our consolidated defined benefit pension expense to
swing  from income of an estimated $30 million in 2001 to an estimated expense
of approximately $60 million in 2002.  This $90 million swing is equivalent to
approximately  12  cents  per  share.    Although  there  is  an  unfavorable
year-to-year  change in pension expense, our pension plan is well-funded.  Our
returns for the year-to-date are in the top 20 percent of the Russell universe
of  large  pension  plans.   Importantly, like goodwill, the change in pension
expense  is  a noncash item.   Although it will have an impact on earnings, it
will  not  affect  our  cash  flow.

We will continue to focus on increasing cash flow in 2002.  Tom will talk more
about  this  in  a  moment.

Now,  with  that  overview on our 2002 planning assumptions, I'll let Tom give
you  more details about our strategies for growing sales and earnings in 2002.

THOMAS  J.  FALK  -  PRESIDENT  AND  CHIEF  OPERATING  OFFICER

Thanks, Wayne.  Our 2002 plan is to build upon our fundamental strengths.

    -  Strong  global  brands,  with  leading  market  shares;
    -  Consumer  and  category  insights;
    -  Proprietary technologies that enable us to bring superior new products
       to  market;
    -  Global scale and Go-To-Market expertise; and
    -  Strong cash flow

We  know  we  must focus on driving top- and bottom-line growth.  We will also
focus on increasing cash flow and we will continue to invest to grow.  Another
area  of focus for us in 2002 is to improve our return on invested capital, or
ROIC,  which  has  fallen off a bit this year.  The reason for the fall off is
that  our  major  growth  investments  have  come  at a time when results were
significantly  penalized  by  currency  effects  and  high  energy  prices.

Beginning  next  year, we will add an ROIC element to our annual bonus plan to
make  sure  the entire organization is aligned and focused on increasing ROIC.
With  that  in  mind,  let's  go  through  some  of the key initiatives we are
planning for 2002.  I can't possibly do justice to everything that is going on
across  all  of  our  businesses,  so  I  will  concentrate on the highlights.

Personal  Care  Initiatives
- ---------------------------

First  of  all,  in  Personal Care, we have product improvements coming in all
four  categories  next year - diapers, training and youth pants, feminine care
and  adult  care. This  is what you should continue to expect from us, year in
and year out.  As I  look  forward,  our  product  pipeline  is  very  full.

A  key  program  for  us  in  2002 will be our continuing investments to drive
common  global  manufacturing  platforms  for  diapers.  Today, we have common
platforms for our premium diapers - which we call tier IV - in every region of
the  world.   This has helped us implement product improvements rapidly around
the  world  and  lower  manufacturing  costs.

Primarily  as  a  result of numerous acquisitions over the last five years, we
have  a  similar opportunity to improve product performance and lower the cost
of  tier  II and III diapers, our value-oriented offerings.  This program will
be  instrumental  in  the continued growth of our businesses in the developing
markets  of  Asia,  Latin  America  and  Central  and  Eastern  Europe.

Over  the last decade, our diaper business has become a truly global business.
In  the  early  90s,  only  30  percent of our diapers were sold outside North
America.  Today, that number is nearly 70 percent, and our share of the nearly
$16  billion  global  diaper  market  has climbed to approximately 29 percent.

Many  of  you  have  asked  about Procter & Gamble's impending launch of their
"Stages"  diapers, including Pampers Easy Ups pants, in the premium segment of
the  U.S.  market.  We're expecting that launch to take place early next year.
And  we're  expecting  that  they will support it with heavy spending, as they
have done in Europe.  I believe we're well prepared with our own marketing and
product  improvement  plans.   We will continue to focus on providing superior
performing  products  to  the  consumer.   That is the ultimate determinant of
success  in  the  marketplace.

In  feminine  care,  we  have made excellent progress in implementing a global
business  plan and standardizing our product platform over the last two years.
The  "Red Dot" advertising campaign, which was on air in 27 countries in 2001,
has  been  very  successful,  driving  good  increases  in awareness.  We have
significantly  reduced  our cost structure in North America, and We are poised
to  make  numerous product improvements globally in 2002, with ultrathin pads,
thick  maxi  pads  and  pantiliners.

Turning to the retail adult incontinence care market, it's the fastest growing
category in the personal care arena.  This $2.4 billion market is projected to
continue growing at a double-digit rate.  With our Depend and Poise brands, we
are  well  positioned  in  these growing markets.  Key areas of focus for 2002
include  increasing  market share in the U.S., driven by numerous new products
and  competitive  pricing;  aggressively reducing costs; and opportunistically
expanding  sales  of  pads,  pants  and  liners  outside  North  America.

Consumer  Tissue  Initiatives
- -----------------------------

Shifting  to  Consumer  Tissue,  we're  going to leverage our new UCTAD tissue
machines  to  continue  growing COTTONELLE bathroom tissue and SCOTT towels in
the  U.S.  and  to  bring additional bathroom tissue improvements to market in
Europe.    Our  tissue machine start ups in Oklahoma and Italy have gone well,
providing good momentum so far in the second half of this year. In fact, since
we  launched  improved  SCOTT  towels  across the U.S. in June, shipments have
climbed  12  percent  compared  with  last  year.   We expect that momentum to
continue  in  2002.

We  are  also investing to grow our tissue business in Latin America, with the
recent  start  up of a rebuilt tissue machine in El Salvador and the scheduled
start up of a new tissue machine in Colombia within the next couple of months.
These  investments  will  enable  us  to  shut down older, high-cost capacity,
streamlining operations, increasing productivity and improving product quality
all  at  the  same  time,  as  Wayne  pointed  out  earlier.

In  Europe,  we're  expecting  a  continued  high level of competition in 2002
reflecting  excess  industry capacity and P&G's plans for further expansion of
Charmin.    I'm  pleased  with the strategic position of our European consumer
tissue business.  Over the last few years, we have attacked the cost structure
and established an asset base that enables us to make product improvements and
grow. In spite of continued weakness of the British pound and the euro in 2001
along  with  intense  competition,  year-to-date  sales,  operating profit and
profit  margin all have increased.  We are on track for further improvement in
2002,  recognizing  that  the  competitive  environment  will  remain  very
challenging.

Regarding  baby wipes, we have continued to enjoy success, increasing our U.S.
market  share  from  28 percent in 1996 to approximately 38 percent this year.
The  formula  for that success is rooted in our proprietary coform technology,
which  gives  HUGGIES  baby wipes its superior product attributes.  Our market
shares  are  also strong in developing markets, where market growth alone will
provide  attractive opportunities for us, and we are investing to make sure we
are  well  positioned to capture that growth.  Now that our diaper business in
Europe  has gained critical mass, we are also investing to grow our baby wipes
presence  in  that  region.

I'd like to add a final comment about COTTONELLE FRESH rollwipes.  We're still
in  the  early  stages  of  gaining in-market experience and generating higher
levels  of  consumer  trial  in  the  Southeast.   Meanwhile, we are carefully
managing  our costs to deliver expected financial results.  Bottom line, we're
still  optimistic  about  the  future  for  rollwipes, but it is not much of a
factor  in  our  growth  plans  for 2002.  We will revisit plans for expansion
beyond  the  Southeast  sometime  after  mid-year.

Business-to-Business  Initiatives
- ---------------------------------

Turning to our new Business-to-Business segment, I'll briefly run through some
highlights.    I  spoke  earlier  about  our strategy to aggressively focus on
Go-To-Market  activities, globalization and administrative efficiencies across
all  the  businesses.    There  are  some  additional  details  about  our K-C
Professional  and  Health  Care  operations  I'd  like  to share with you now.

Through  K-C  Professional,  we  are the world's leading producer of away from
home  products,  with  sales  of  $2.1  billion.  Our strategy is to provide a
value-added,  low  cost-in-use  bundle  of  products used in office buildings,
manufacturing facilities, lodging, foodservice and other public locations away
from  home.   We plan to continue to drive growth in K-C Professional through:

    -  Technology upgrades, including recent start-ups of a new UCTAD tissue
       machine in Loudon, Tennessee, and a new HYDROKNIT machine  in Corinth,
       Mississippi, will support growth of our hand towels and industrial
       wipers. Our  plans  call  for  adding  more  UCTAD technology, primarily
       by rebuilding existing  tissue  machines;
    -  Growth  will  also  come from global agreements with customers like
       Marriott and Eli Lilly which use our products in their operations all
       around the  world;  and
    -  Recent  new  product introductions, including our proprietary SCOTT
       megaCartridge napkin system, coreless bathroom tissue, SCOTTFOLD M hand
       towels and our Every Day Best Value washroom line, should add to this
       growth.
    -  While I am confident about K-C Professional's growth strategies, the
       current economic weakness could constrain our potential growth over the
       next three  to  six  months.  Our  products and services are preferred
       versus the competition,  so  as  the  economy  recovers, we believe K-C
       Professional will benefit  first.

Health  Care  has  been  hitting  its  plan in 2001.  Through nine months, the
improvement was driven by organic volume growth of 8 percent and progressively
lower  costs.    Operating profit rose more than 20 percent.  Contribution was
broad-based across our mix of businesses, from our heritage surgical products,
to  Ballard and Safeskin. Our health care business is on track, and I expect
that its results next year will  show  continued  improvement.

Go-To-Market
- ------------

I'd like to touch on our Go-To-Market efforts, which are applicable to most of
our operations.  As Wayne mentioned earlier, this is how we drive costs out of
the  supply  chain.  Key  efforts  under  way  include  customer  management;
Collaborative  Planning,  Forecasting  and  Replenishment, also known as CPFR;
promotion  planning with our proprietary Business Planner software, as well as
many  more  initiatives  that  fall  under  the  Go-To-Market  umbrella.

We  have made a lot of progress on Go-To-Market in our North American consumer
businesses,  with numerous success stories involving SKU reductions, promotion
efficiencies, inventory reductions and improved in-stock rates.  In Europe, we
have  been  transitioning  to a customer-based organization over the last year
and  now have 25 customer business units, or CBU's, in place, supported by our
recent  upgrade  to  SAP R/3.  We are already seeing improved business results
with  several  large,  pan-European  customers.

The  good  news is that we will be able to transfer our learning and successes
in the North American and European consumer businesses to other businesses and
regions.  That's a top priority for our B2B operations in 2002 as I've already
covered.    In Asia and Latin America, expect our Go-To-Market efforts to pick
up  following  systems  upgrades  in  2002.

I'm  also  looking  to  our  Go-To-Market  programs  to help us reduce Working
Capital.   I'm not satisfied with our working capital position.  Over the last
year,  we have plateaued at just over 14 percent of sales.  There are parts of
our  business  that  operate  at  world-class levels, but others, particularly
outside  North  America,  do  not.

Continuing  globalization  and  systems upgrades will undoubtedly help, but we
are  not  going  to  sit  back  and wait for that to kick in.  After all, each
percentage  point  reduction  in  working  capital is worth approximately $150
million  in  free  cash  flow.  That's why I've put together a global team and
charged  them  with developing a process that will move us to best in class in
working  capital  management.  For now, our forecast for 2002 and 2003 is that
we'll  reduce  our  investment  in  working  capital by an average of 40 basis
points  per  year.

Capital  Spending
- -----------------

Capital Spending is the last element of our plan that I will comment on today.
Our  spending  plans  for  the  next  two  years  are very consistent with our
previous  communications.    We're  expecting  capital  spending  will  be
approximately  $1  billion  in  both  2002 and 2003.  This will be a reduction
compared  to  2000  and 2001, when we were, in a sense, "catching up" with our
growth.    And  as  we  continue  to  grow the top-line, capital spending as a
percent  of  sales  will  trend  lower.

We  believe  our  spending  levels  are  appropriate  to support the continued
volume-driven  growth  we're  expecting  going  forward.

Summary.
- -------

To  summarize,  we  are focused on the right things to drive profitable growth
for  Kimberly-Clark.    I believe our strategies and plans will result in good
top-  and  bottom-line growth in 2002 and also set the stage for future growth
in  line  with  our  long-term  objectives.

Organic sales volume growth for each of our business segments should be in the
mid  single-digits.  In looking at the growth opportunities, personal care and
consumer  tissue will likely generate a relatively higher level of growth than
B2B,  given current economic conditions.  We have budgeted an aggressive level
of  advertising  and  promotion  to  drive  next  year's  volume  growth.  The
consolidation  of  K-C  Australia will contribute 1 to 2 percent of additional
growth.

I  expect  improvement in operating profit in each business segment.  The rate
of  improvement may vary by segment, depending on a number of factors, but the
operating  profit  margin, excluding unusual items, for the company as a whole
should  increase.

With any plan there are opportunities and risks. Among the opportunities would
be  that  our product plans drive greater than expected growth.  We could also
get a boost if the dollar weakens appreciably, but we're not counting on that.
As  far  as  risks  are  concerned,  I believe the primary ones are external -
currency  and  global  economic weakness being the two uppermost in our minds.
Finally,  it's  possible  that  a  dramatic escalation in competitive activity
could  have  an  impact,  depending  upon  timing.  History shows that we have
generally  been  able  to  more  than  hold  our  own  in competitive battles.

That  concludes  my  remarks.    Now,  Wayne  will  wrap  up.

WAYNE  R.  SANDERS  -  CHAIRMAN  AND  CHIEF  EXECUTIVE  OFFICER

Thanks,  Tom.    If  I  can  summarize  what you've just heard from us: We are
cautiously  optimistic about the outlook for 2002.  We believe the investments
that  we've made in 2001 represent a great opportunity for the future.  And we
expect  our cash flow will remain strong, allowing us to continue to invest in
growth.

Today,  we have tried to give you a detailed look at the assumptions that have
gone  into  our  plans for next year.  We have attempted to be as objective as
possible.    In  other  words,  we're  not  selling  or  even  defending  our
assumptions, we're just telling you what they are.  Based on this information,
you  can  adjust your models as you see fit.  Based on your current estimates,
which  appear  to be a mix of old and new accounting, I'd be very surprised if
your  range  of  estimates,  revised  for  today's update, is not in the right
ballpark.  If necessary, we'll provide you with additional guidance at the end
of  January  when  we  release  fourth  quarter  and  year-end  results.