Clearwater Paper Sells Tissue Business to Sofidel America For USD 1.06 Billion - Papermart
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Clearwater Paper Sells Tissue Business to Sofidel America For USD 1.06 Billion

Clearwater Paper Corporation aims to become a premier independent supplier of paperboard to North American converters. The transaction concludes its previously announced review of strategic options for the tissue business.

Jul 25, 2024

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Clearwater Paper Corporation, a premier supplier of quality consumer tissue and bleached paperboard, has entered into a definitive agreement to sell its tissue business to Sofidel America Corporation, a subsidiary of Sofidel S.p.A., a leading manufacturer of paper for hygienic and domestic use, for USD 1.06 billion, subject to adjustments for debt, cash, transaction expenses and net working capital. 

The transaction represents the next step in the company’s transformation to become a premier independent supplier of paperboard to North American converters and the conclusion of its previously announced review of strategic options for the tissue business.

“We are pleased to have reached this agreement with Sofidel, which we believe positions Clearwater Paper for its next chapter of growth and value creation. Clearwater Paper is transforming into a premier paper supplier in North America. Upon completion of this transaction, we intend to deleverage our balance sheet while scaling and diversifying our paperboard business to meet the needs of our customers. We look forward to delivering innovative and sustainable products to our converter customers while generating strong returns for our shareholders,” said Mr. Arsen Kitch, President and Chief Executive Officer.

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“Our tissue business has delivered excellent financial and operational performance, supported by outstanding service. We believe this business needs scale and investment to drive growth over the longer term, and we are excited to watch its continued progress as part of Sofidel. We appreciate the dedication of our talented team members across the organization, who have been instrumental to the successful execution of our strategy,” he added.

“The acquisition of Clearwater Paper’s tissue business is another important milestone on our path to meet the growing demand for our products in the United States. We look forward to welcoming all the new employees into our family and integrating the tissue business into our network to strengthen our growth by achieving scale and expanding our ability to deliver sustainable, energy efficient products to customers,” said Mr. Luigi Lazzareschi, Chief Executive Officer of Sofidel.

Clearwater Paper expects net proceeds from the transaction of approximately USD 850 million, which it intends to use to meaningfully deliver its balance sheet and invest in growth initiatives for its continuing operations.


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The transaction is expected to close in the latter part of 2024, subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Goldman Sachs & Co. LLC is serving as financial advisor to Clearwater Paper, and Pillsbury Winthrop Shaw Pittman LLP is serving as legal advisor.