Kimberly-Clark on Thursday struck a deal with Brazilian pulp maker Suzano to sell a majority stake in its international tissue business, valuing the business at about $3.4 billion, the Kleenex tissue maker said.

Clark Corp. has agreed to sell a majority stake in its global Kleenex and tissue businesses outside of North America to a newly-formed venture with Brazilian pulp supplier Suzano SA.The transaction values the assets under Kimberly-Clark’s International Family Care and Professional unit at $3.

Kimberly-Clark, the supplier of paper-based consumer staples, will receive a cash infusion as it restructures to cut costs and expand its US manufacturing capacity. For Suzano, the deal gives it an international platform to expand further into products that use its pulp output.