Clearwater Paper Corporation has sold its tissue paper business for USD 1.06 billion in Spokane, Washington State, US. The strategic move aligns with the company’s plan to focus on its core paperboard production, and to pay down debt and strengthen their balance sheet.
Nov 4, 2024
Clearwater Paper Corporation has completed the sale of its tissue paper business Sofidel America Corp., a subsidiary of Sofidel S.p.A. for USD 1.06 billion in Spokane, Washington State, US. The strategic move is a part of the company’s plan to focus on its core paperboard production.
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The sale is intended to accelerate Clearwater Paper’s transformation and strengthen its position as a leading independent supplier of paperboard to converters across North America.
Clearwater Paper aims to streamline its operations and concentrate on high-value markets. The company plans to leverage its expertise and resources to ensure continued growth and leadership in the industry.
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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 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,” said Mr. Kitch.
