Clearwater Paper Closes the Sale of Its Tissue Business to Sofidel for $1.06 Billion

Nov. 4, 2024 - Clearwater Paper on Nov. 1 announced the successful completion of the sale of its tissue business to Sofidel America Corp., a subsidiary of Sofidel S.p.A. ("Sofidel"), for $1.06 billion in cash, prior to customary purchase price adjustments.

Terms of the sale were first announced on July 22, 2024.

The transaction represents a significant step in Clearwater Paper's transformation into a premier independent supplier of paperboard packaging products to North American converters.

"This is the next big step in transforming Clearwater into a premier independent paperboard packaging supplier in North America," said Arsen Kitch, President and CEO of Clearwater Paper. "While it's the right business decision, it's a bittersweet moment for our company. We are parting ways with valued colleagues, and that's difficult. The Tissue team has built a fantastic business and delivered strong results. I am proud of their work and wish them well.

"We'll use the proceeds from the sale to pay down debt and strengthen our balance sheet. We will be well positioned to scale and diversify our paperboard business to create long-term value for our shareholders," Kitch added.

Clearwater Paper is a premier independent supplier of paperboard packaging products to North American converters. Headquartered in Spokane, Washington, the company produces high-quality paperboard that provides sustainable packaging solutions for consumer goods and food service applications.

SOURCE: Clearwater Paper Corporation