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As $16.7 billion Kimberly-Clark Corp. implemented its global business plan and focused on growth in emerging markets, Jolene Varney, vice president and treasurer, saw an opportunity for her treasury team to play a more strategic role in the capital structure planning at the company’s 150 affiliates. One problem with the existing process was that treasury was often forced into a reactive, rather than proactive role, “because we were often not involved early enough,” says Varney. Moreover, the Dallas-based paper products company’s forecasting and budgeting process did not focus on balance sheet, cash flow and capital structure decisions at the affiliate level.

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