CORRECTED - CORRECTED-UPDATE 1-Kimberly-Clark backs 2010 EPS view

Mon Mar 22, 2010 9:30am EDT

(Corrects paragraph 6 to show that the company is based in Dallas and not in New York)

* Sees EPS growth in mid-to-high single digits through 2015

* Sees sales growth of 3-5 pct through 2015

* Sees more savings from ongoing cost reduction plan

March 22 (Reuters) - Household products maker Kimberly-Clark Corp (KMB.N) backed its fiscal 2010 adjusted earnings view, and said it sees earnings growth in the mid-to-high single digits and sales growth of 3 percent to 5 percent through 2015.

The company, best known for Kleenex tissues and Huggies diapers, also outlined a plan to save $400 million to $500 million from 2011 to 2013, helped by lean manufacturing and supply chain practices and the formation of a global procurement organization.

The company's ongoing costs reduction program from 2008 through 2010 is expected to save $400 million to $450 million, compared with its original target of $350 million to $450 million.

It lowered its long-term spending target to 4.5 percent to 5.5 percent of net sales, compared with its prior view of 5 percent to 6 percent.

Kimberly-Clark, which plans to focus on fast-growing markets like China, Russia and Latin America, sees adjusted earnings of $4.80 a share to $5.00 a share for fiscal 2010.

Shares of the Dallas-based company closed at $61.43 Friday on the New York Stock Exchange. (Reporting by Renju Jose in Bangalore; Editing by Anne Pallivathuckal)

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