Clearwater Paper to sell tissue business to Sofidel America for $1.06 bln
Adds background in paragraphs 2 to 5
July 22 (Reuters) -Clearwater Paper CLW.N has agreed to sell its tissue business to Sofidel America for $1.06 billion, it said on Monday, as the latter hopes to expand its paper tissue business for domestic and hygienic use in North America.
Clearwater, which also makes paperboard for packaging and food service companies, expects net proceeds of about $850 million from the deal.
The company had been reviewing strategic options for its tissue business since February in a bid to lower its debt and invest in its growth.
"The acquisition of Clearwater Paper's tissue business is another important milestone... to meet the growing demand for our products in the United States," Sofidel CEO Luigi Lazzareschi said.
Clearwater said it intends to deleverage its balance sheet as well as diversify its paperboard business following the completion of the deal, expected in the latter part of 2024.
Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber
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