Household products company Kimberly-Clark Corp. (NYSE: KMB – $110.79) said a registration statement for its previously announced plan to spin-off its health care business has been filed with the Securities and Exchange Commission. The new company, to be headquartered in Alpharetta, Georgia, will be called Halyard Health, Inc. Once the planned spin-off is completed later this year, Halyard Health will be a stand-alone public company and is expected to trade on the New York Stock Exchange. The company generates about $1.7 billion in annual net sales, has leading market positions in both surgical and infection prevention products and medical devices and employs approximately 16,500 employees. The spin-off is expected to take the form of a tax-free distribution of 100 percent of Halyard Health’s common stock to Kimberly-Clark shareholders, with the distribution ratio to be determined shortly before the spin-off occurs. The distribution is expected to be completed at the end of the third quarter or possibly in the fourth quarter of 2014. At that time, I will make an adjustment to the original entry price for KMB to account for the spin-off as I do not plan, as of now, to add Halyard Health to the income portfolio as a standalone entity. In the meantime, the shares still offer above average conservative income appeal and can be retained for their long-term total return potential.