Clearwater Paper Enters into Definitive Agreement to Sell Tissue Business to Sofidel America Corporation for $1.06 Billion

Clearwater Paper Corporation (NYSE: CLW) (“Clearwater Paper” or the “Company”), a premier supplier of quality consumer tissue and bleached paperboard, today announced that it has entered into a definitive agreement to sell its tissue business to Sofidel America Corporation, a subsidiary of Sofidel S.p.A. (“Sofidel”), a leading manufacturer of paper for hygienic and domestic use, for $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,” said Arsen Kitch, President and Chief Executive Officer. “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.”
more at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2024/Clearwater-Paper-Enters-into-Definitive-Agreement-to-Sell-Tissue-Business-to-Sofidel-America-Corporation-for-1.06-Billion/default.aspx