Sofidel Acquires Clearwater Paper's Tissue Business

Sofidel Group (through Sofidel America Corp.) completed the $1.06 billion cash acquisition of Clearwater Paper Corporation's tissue business (CLW Tissue). The deal transfers four U.S. production plants (Shelby, NC; Lewiston, ID; Las Vegas, NV; Elwood, IL) and ~1,700 employees to Sofidel, increasing Sofidel's North American capacity by about 25% and making it the fourth-largest tissue producer in North America; Clearwater Paper will use proceeds to reduce debt and focus on paperboard packaging.