Clearwater Paper has successfully completed the sale of its tissue business to Sofidel America Corp., a subsidiary of Sofidel S.p.A., for $1.06 billion in cash, subject to customary purchase price adjustments. This transaction marks a major milestone in the company’s strategic shift to focus on becoming a leading independent supplier of paperboard packaging products for North American converters. The terms of the sale were initially announced on July 22, 2024.
“This is a significant step in our transformation into a premier independent paperboard packaging supplier in North America,” said Arsen Kitch, president and chief executive officer of Clearwater Paper. “While this is the right business decision, it is a bittersweet moment for us as we say goodbye to valued colleagues who have built a strong and successful tissue business. I am incredibly proud of their contributions and wish them all the best.”
Mr. Kitch added, “We will use the proceeds from the sale to reduce debt and strengthen our financial position. This will allow us to scale and diversify our paperboard business, driving long-term value for our shareholders.”
Third Quarter 2024 Earnings Release
Clearwater Paper will announce its third quarter 2024 financial results on Monday, November 4, 2024. CEO Arsen Kitch and Chief Financial Officer Sherri Baker will discuss the results during a conference call at 2 p.m. Pacific Time. Additional details about the call are available on the company’s investor relations website: http://ir.clearwaterpaper.com.
