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Clearwater Paper (NYSE:CLW) has successfully completed the acquisition of the Augusta, Georgia bleached paperboard manufacturing facility from Graphic Packaging International, The terms of the acquisition were announced on February 20, 2024. This strategic acquisition enhances Clearwater Paper's capabilities in paperboard manufacturing, positioning them as a leading independent paperboard supplier in North America.
Clearwater Paper reported financial results for the first quarter of 2024 with net sales of $496 million, down 6% from the same period last year. Despite lower input costs and continued strength in tissue, net income was $17 million, or $1.02 per diluted share, $7 million lower than last year. Adjusted net income was $24 million. The company reduced net debt by $33 million and repurchased $1 million of outstanding shares.
Clearwater Paper signed a definitive agreement to acquire a bleached paperboard manufacturing facility in Augusta, Georgia, for $700 million. The transaction is expected to close shortly. The company expressed confidence in continued tissue performance and a recovery in paperboard demand.
