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Clearwater Paper Corporation reports developments in paperboard packaging products for North American converters. The company produces bleached paperboard used in folding cartons, food service packaging and commercial printing, with recurring updates on shipment volumes, pricing, SBS market conditions and operating performance.
Company news also covers portfolio and mill actions, including Velora lightweight folding carton paperboard, the premium Candesce brand, the Cypress Bend facility and the Augusta mill integration. Other recurring items include quarterly earnings materials, cost-reduction initiatives, capital-structure disclosures, material agreements and governance matters.
Clearwater Paper (NYSE: CLW) will invest $23 million in a state-of-the-art facial tissue converting line at its Shelby, North Carolina facility. This 400-acre site, which already produces private-branded bathroom tissue, paper towels, napkins, and facial tissue, employs over 600 people. The investment aims to meet rising customer demand, optimize operational efficiency, and maintain high-quality standards. The decision to expand in Shelby is influenced by its strategic location, skilled labor availability, and strong community relationships.
Clearwater Paper (NYSE: CLW) will participate in two upcoming investor conferences. On June 4, 2024, CEO Arsen Kitch will join a fireside chat at Stifel’s 2024 Cross Sector Insight Conference in Boston, starting at 9:45 a.m. ET. The event will be webcast live and accessible through the company's investor relations website. Kitch will also be available for one-on-one and small group meetings.
On June 11, 2024, CEO Arsen Kitch and CFO Sherri Baker will attend the 2024 Wells Fargo Industrials Conference in Chicago, where they will also participate in one-on-one and small group meetings with investors.
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.
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