These five plants are expected to be a valuable asset for Clearwater Paper as it looks to extend its reach and service platform to the small and mid-sized folding carton plants.
December 16, 2016
Clearwater Paper Corporation announced it has acquired Manchester Industries of Richmond, Virginia, a leading, independently-owned paperboard sales, sheeting and distribution supplier to the packaging and commercial print industries.
Clearwater Paper has acquired Manchester Industries in a cash transaction from PaperWorks Industries, an integrated full-service packaging provider for a purchase price of USD 68.25 million. With approximately 170 full-time employees, Manchester Industries operates five facilities located in Richmond, Virginia; Wilkes-Barre, Pennsylvania; Hagerstown, Indiana; Dallas, Texas and Mendon, Michigan. Clearwater Paper believes the acquisition will be immediately accretive.
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation. The company is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores.
Founded in 2008, PaperWorks Industries, Inc. (PWI) is a leading, integrated North American full-service packaging provider of recycled paperboard and specialized folding cartons.