SPOKANE, Wash. (News release) -- Clearwater Paper Corporation announced the successful completion of the sale of its tissue business to Sofidel America Corp., a subsidiary of Sofidel S.p.A. ("Sofidel"), for $1.06 billion in cash, prior to customary purchase price adjustments. The transaction represents a significant step in the Company's transformation into a premier independent supplier of paperboard packaging products to North American converters. Terms of the sale were first announced on July 22, 2024.

"This is the next big step in transforming Clearwater into a premier independent paperboard packaging supplier in North America," said Arsen Kitch, president and chief executive officer 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 Tissue 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.

Availability and Timing of Third Quarter 2024 Earnings Results

As previously announced, the Company will release its third quarter 2024 results on Monday, November 4, 2024. Mr. Kitch and Chief Financial Officer Sherri Baker will discuss the results during a conference call that day at 2 p.m. Pacific Time. Additional information on this event can be accessed at Clearwater Paper's website: http://ir.clearwaterpaper.com.