). We had no
material assets or activities until Kimberly-Clarks transfer to us of the Pulp
and Paper business on November 30, 2004. On that date, Kimberly-Clark
completed the distribution of all of the shares of our common stock to the
stockholders of Kimberly-Clark (the Spin-Off). Kimberly-Clark
stockholders received a dividend of one share of our common stock for every 33
shares of Kimberly-Clark common stock held. Based on a private letter
ruling Kimberly-Clark received from the Internal Revenue Service, receipt of
our shares in the Spin-Off was tax-free for United States federal income tax
purposes. Following the Spin-Off, we are an independent public...
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