Exhibit No. (21)

KIMBERLY-CLARK CORPORATION

CONSOLIDATED SUBSIDIARIES

The following list includes certain companies that were owned directly or indirectly by Kimberly-Clark Corporation, a Delaware corporation, Dallas, Texas, as of December 31, 2003.

This list includes all subsidiaries. The place of incorporation or organization is next to the name of the company.

Consolidated Subsidiaries

1194127 Ontario Inc., Ontario Canada

Abdelia Comercial Ltda., Brazil

Andrex Limited, United Kingdom

* Arabian Medical Products Manufacturing Company, Saudi Arabia

Avent, Inc., Delaware

Avent de Honduras, S.A. de C.V., Honduras

Avent, S.A. de C.V., Mexico

Avent Slovakia, Inc., Delaware

Avent Slovakia s.r.o., Slovakia

Ballard Medical Products, Utah

Ballard Medical Products (Canada) Inc., Ontario, Canada

Balmoral Participacoes Ltda., Brazil

Beco, Inc., Wisconsin

Bonster S.A., Luxembourg

Cape Chignecto Lands Limited, Nova Scotia, Canada

* Carlkim (Proprietary) Limited, South Africa

* Carlton Paper Products (Proprietary) Limited, South Africa

* Carlton Paper of South Africa (Proprietary) Limited, South Africa

Celulosa de Turrialba, S.A., Costa Rica

* City Land Corporation (Proprietary) Limited, South Africa

* Colombiana Kimberly Colpapel S.A., Colombia

Delaware Overseas Finance, Inc., Delaware

Durafab, Inc., Texas

ELF 1 Papier GmbH, Germany

Excell Paper Sales Co., Pennsylvania

Excell Paper Sales LLC, Delaware

* Fisbra Industria e Comercio de Produtos Higienicos Ltda., Brazil

* Gerinconfort Industria e Comercio de Produtos Higienicos Ltda., Brazil

* H-K Overseas Holland B.V., Netherlands

Hakle Kimberly Deutschland GmbH, Germany

Hakle Kimberly Papiervertriebs GmbH, Austria

Hakle-Kimberly Switzerland GmbH, Switzerland

Hercules Global Investments, Cayman Islands

Historic Hospitality Investments LLC, Texas

* Hogla Kimberly Limited, Israel

* Hogla Kimberly Marketing Limited, Israel

Hopewell International Insurance Ltd. (Inactive), Bermuda

Housing Horizons, LLC, Texas

* Industrial Helvetia S.A., Chile

Industrial Mimosa S.A., Uruguay

K-C Advertising, Inc., Delaware

K-C Equipment Finance L.P., United Kingdom

K-C Financial Services Investment Company, Delaware

K-C Guernsey I Ltd., Isle of Guernsey

K-C Guernsey II Ltd., Isle of Guernsey

K-C Handelsgesellschaft MbH, Austria

K-C Holder Spain S.L., Spain

K-C Nevada, Inc., Nevada

Kalayaan Land Corporation, Philippines

KC Tower Corporation, Delaware

* KCA Retirement Fund Pty. Limited, Australia

KCC Comercial Ltda., Brazil

* K.C.S.A. Holdings (Proprietary) Limited, South Africa

* Kimberly Bolivia S.A., Bolivia

Kimberly-Clark (Barbados) Holding Ltd., Barbados

Kimberly-Clark (China) Investment Co., Ltd., People’s Republic of China

Kimberly-Clark (Cyprus) Ltd., Cyprus

Kimberly-Clark (Hong Kong) Ltd., Hong Kong

Kimberly-Clark AB, Sweden

Kimberly-Clark Argentina S.A., Argentina

Kimberly-Clark Argentina Holdings S.A., Argentina

Kimberly-Clark Asia Holdings Pte. Ltd., Singapore

Kimberly-Clark Asia Pacific Pte. Ltd., Singapore

Kimberly-Clark Australia Finance Pty. Limited, Australia

Kimberly-Clark Australia Holdings Pty. Limited, Australia

Kimberly-Clark Australia Consolidated Holdings Pty. Limited, Australia

Kimberly-Clark Australia Pty. Limited, Australia

Kimberly-Clark B.V., Netherlands

Kimberly-Clark Bahrain Holdings S.P., Bahrain

Kimberly-Clark Brasil Holdings Limitada, Brazil

Kimberly-Clark Canada Holdings, Inc., Ontario, Canada

Kimberly-Clark Canada Inc., Ontario, Canada

Kimberly-Clark Canada Inc. Kanadischen Rechts & Company KG, Germany

Kimberly-Clark Canada Services Corporation, Ontario, Canada

Kimberly-Clark Cayman Islands Company, Cayman Islands

Kimberly-Clark Cayman Islands Finance Company, Cayman Islands

Kimberly-Clark Cayman Islands Holding Company, Cayman Islands

Kimberly-Clark CBG (Handan) Hygienic Products Co., Ltd., People’s Republic of China

Kimberly-Clark CBG Hygienic Products Company Limited, Chengdu, People’s Republic of China

* Kimberly-Clark Central American Holdings, S.A., Panama

Kimberly-Clark Chengdu Hygienic Products Services Company Ltd., People’s Republic of China

* Kimberly-Clark Chile S.A., Chile

Kimberly-Clark Colombia Limitada, Colombia

* Kimberly-Clark de Centro America, S.A., El Salvador

Kimberly-Clark Denmark Holdings ApS, Denmark

Kimberly-Clark do Brasil Limitada, Brazil

* Kimberly-Clark Dominicana, S.A., Dominican Republic

Kimberly-Clark Dublin Finance Limited, United Kingdom

* Kimberly-Clark Ecuador, S.A., Ecuador

Kimberly-Clark Europe Limited, United Kingdom

Kimberly-Clark European Investment B.V., Netherlands

Kimberly-Clark European Services Limited, United Kingdom

Kimberly-Clark Far East Pte. Limited, Singapore

Kimberly-Clark Finance Ltd., United Kingdom

Kimberly-Clark Financial Services, Inc., Tennessee

Kimberly-Clark Foreign Sales Corporation B.V., Netherlands

Kimberly-Clark Forestal S.A., Spain

Kimberly-Clark Foundation, Inc., Wisconsin

Kimberly-Clark France Operations, France

Kimberly-Clark Global Finance Ltd., Bermuda

Kimberly-Clark Global Partnership, L.P., Texas

Kimberly-Clark Global Sales, Inc., Delaware

* Kimberly-Clark Guatemala S.A., Guatemala

Kimberly-Clark Hellas EPE, Greece

Kimberly-Clark Holding Limited, United Kingdom

Kimberly-Clark Holland Holdings B.V., Netherlands

Kimberly-Clark Inc., Ontario, Canada

Kimberly-Clark Integrated Services Corporation, Delaware

Kimberly-Clark International Services Corporation, Delaware

Kimberly-Clark International, S.A., Panama

Kimberly-Clark Investment Corporation, Panama

Kimberly-Clark Irish Finance Corporation Limited, United Kingdom

* Kimberly-Clark Kenko Industria e Comercio Ltda., Brazil

Kimberly-Clark Latin America, Inc., Delaware

Kimberly-Clark Latin America Investments, Inc., Delaware

Kimberly-Clark Lda., Portugal

Kimberly-Clark Limited, United Kingdom

Kimberly-Clark Luxembourg S.a.r.l., Luxembourg

Kimberly-Clark Luxembourg Holdings S.a.r.l., Luxembourg

Kimberly-Clark Malta Investment Company Limited, Malta

Kimberly-Clark Malta Holding Company Limited, Malta

Kimberly-Clark Manufacturing (Thailand) Limited, Thailand

Kimberly-Clark Mediterranean Finance Company Ltd., Malta

Kimberly-Clark Michigan, Inc., Delaware

Kimberly-Clark N.V., Belgium

Kimberly-Clark Netherlands Holdings B.V., Netherlands

Kimberly-Clark North Asia Co., Ltd., South Korea

Kimberly-Clark 000, Russia

Kimberly-Clark Pacific Finance Company, Cayman Islands

Kimberly-Clark Pacific Holdings Pty Limited, Australia

Kimberly-Clark Paper (Guangzhou) Company Limited, People’s Republic of China

Kimberly-Clark Paper (Shanghai) Company Limited, People’s Republic of China

Kimberly-Clark Paraguay S.A., Paraguay

Kimberly-Clark Patriot Holdings, Inc., Cayman Islands

Kimberly-Clark Pension Trusts Ltd., United Kingdom

Kimberly-Clark Pennsylvania, LLC, Delaware

Kimberly-Clark Personal Hygienic Products (Nanjing) Co. Ltd., People’s Republic of China

Kimberly-Clark Personal Hygienic Products Company Limited, Beijing, People’s Republic of China

* Kimberly-Clark Peru S.A., Peru

Kimberly-Clark PHC International, Inc., Delaware

* Kimberly-Clark Philippines Inc., Philippines

Kimberly-Clark Philippine Holdings, Inc., Philippines

Kimberly-Clark Poland Sp. z.o.o., Poland

Kimberly-Clark Poland Holdings Sp. z.o.o., Poland

Kimberly-Clark Products (Malaysia) Sdn. Bdh., Malaysia

* Kimberly-Clark Pudumjee Limited, India

Kimberly-Clark Puerto Rico, Inc., Delaware

Kimberly-Clark Pulp, Inc., Delaware

Kimberly-Clark S.A., Poland

* Kimberly-Clark SID, S.A., Dominican Republic

Kimberly-Clark S.L., Spain

Kimberly-Clark S.N.C., France

Kimberly-Clark S.p.A., Italy

Kimberly-Clark s.r.l., Italy

Kimberly-Clark s.r.o., Czech Republic

Kimberly-Clark SUD, S.p.A., Italy

Kimberly-Clark Sales Corporation B.V., Netherlands

Kimberly-Clark Scandinavia ApS, Denmark

Kimberly-Clark Services Asia-Pacific, Australia

Kimberly-Clark Singapore Pte. Ltd., Singapore

Kimberly-Clark Singapore Finance Pte. Ltd., Singapore

* Kimberly-Clark of South Africa (Pty.) Limited, South Africa

* Kimberly-Clark Southern Africa (Holdings) (Pty.) Ltd., South Africa

Kimberly-Clark Taiwan, Cayman Islands

Kimberly-Clark Thailand Limited, Thailand

Kimberly-Clark Tissue do Brasil Limitada, Brazil

Kimberly-Clark Trading Limited Liability Company, Hungary

Kimberly-Clark Trading (Malaysia) Sdn. Bdh., Malaysia

Kimberly-Clark Treasury Asia-Pacific, Australia

Kimberly-Clark U.K. Operations Limited, United Kingdom

Kimberly-Clark Ukraine LLC, Ukraine

* Kimberly-Clark Venezuela, C.A., Venezuela

Kimberly-Clark Ventures, LLC, Delaware

Kimberly-Clark Vietnam Limited, Vietnam

Kimberly-Clark West Indies Finance Company, Cayman Islands

Kimberly-Clark Worldwide Australia Holdings Pty. Limited, Australia

Kimberly-Clark Worldwide Taiwan Investment Ltd., Taiwan, Republic of China

Kimberly-Clark Worldwide, Inc., Delaware

Kimberly-Clark Worldwide, LLC, Delaware

* Kimberly-Clark Zimbabwe (Private) Limited, South Africa

* KIMNICA, S.A., Nicaragua

Klabin Kimberly S.A., Brazil

* KS&J Industria e Comercio Ltda., Brazil

La Ada de Acuna, S.A. de C.V., Mexico

La Compania Que Innova, S.A. de C.V., Mexico

* Larrylind Land Corporation (Pty.) Limited, South Africa

* Leslie D. Frankel (Pty.) Limited, South Africa

* Manlak Investments (Pty.) Limited, South Africa

Mimo Brasil Limitada, Brazil

Mimo Uraguay S.A., Uraguay

Minnetonka Limitada, Brazil

Minnetonka Overseas Investments Limited, Cayman Islands

* Molett Marketing Limited, Israel

Montrose Holding Limited, South Africa

* Mountain Tree Farm Company, Washington

* Neenah and Menasha Water Power Company, Wisconsin

Northfleet Terminal Limited, United Kingdom

Nueva Arizona, S.A., Argentina

* Ovisan Syhhi Bez Sanay Ve Ticaret a.s., Turkey

PLS Holdings LLC, Delaware

* Papeles Absorbentes, S.A., Guatemala

* Papeles del Cauca S.A., Colombia

Portola S.L., Spain

P.T. Kimberly-Lever Indonesia, Indonesia

* Rakefet Marketing & Trading Services Ltd., Israel

Ridgeway Insurance Company Limited, Bermuda

* S.A. Paper Processing (1956) (Pty.) Limited, South Africa

Safeskin (B.V.I.) Limited, British Virgin Islands

Safeskin (U.K.) Limited, United Kingdom

Safeskin Corporation, Florida

Safeskin Corporation (Thailand) Limited, Thailand

Safeskin Industries (Thailand) Limited, Thailand

Safeskin Latex (Thailand) Limited, Thailand

Safeskin Medical & Scientific (Thailand) Limited, Thailand

Safeskin Scientific Corporation (Malaysia) Sdn. Bhd., Malaysia

Scott CB Holding Company, Delaware

Scott S.A., France

Scott Executive Pension Trustees Limited, United Kingdom

Scott Paper Company, Delaware

* Scott Paper Co. de Costa Rica S.A., Costa Rica

* Scott Paper Co. Honduras S.A. de C.V., Honduras

Scott Paper Eastern China Inc., Delaware

Scott Paper Overseas Finance Ltd., Cayman Islands

Scott Trading Ltd., Thailand

Servicios Papeleros Centroamericanos, S.A., El Salvador

* Shikma Improvement of Individual Life Limited, Israel

S-K Corporation, Taiwan

Syzygy, Inc., Delaware

Taiwan Scott Paper Corporation, Taiwan

Tawneydown-ALFA GmbH (Inactive), German

Texas Company Building, L.P., Texas

TELA-Kimberly Deutschland GmbH, Germany

TELA-Kimberly Switzerland GmbH, Switzerland

Three Rivers Timber Company, Washington

Triscorp Limited Partnership, United Kingdom

* YuHan-Kimberly, Limited, Korea

*     Indicates a company that is not wholly owned directly or indirectly by the Corporation.