Clearwater Paper Corp

Clearwater Paper Corporation (CLWR) is a leading independent manufacturer and supplier of Solid Bleached Sulfate paperboard packaging products serving North American markets. The company operates through a single reportable segment focused exclusively on paperboard manufacturing following the October 2024 divestiture of its consumer products tissue business to Sofidel America Corp for $1.06 billion in cash. The company website is www.clearwaterpaper.com.

Clearwater Paper manufactures premium SBS paperboard used primarily in folding carton applications for pharmaceuticals, cosmetics, and retail goods, as well as food service applications including liquid packaging, cups, and plates. The company also produces limited quantities of market pulp sold to outside customers and provides custom sheeting and slitting services. The company holds approximately eleven percent of available North American paperboard production capacity and ranks among the five largest paperboard producers in the region.

The company operates manufacturing facilities exclusively within the continental United States, including mills in Lewiston, Idaho and Arkansas, plus the Augusta, Georgia facility acquired in May 2024 from Graphic Packaging International for approximately $710.6 million. This strategic acquisition significantly expanded the company's production capacity and market presence. The company employs approximately 1,900 people, with roughly 1,263 employees represented by unions under collective bargaining agreements at manufacturing sites.

Clearwater Paper's competitive positioning rests on its status as an independent, non-integrated supplier that does not compete directly with its converting customers. The company differentiates through product quality, customer service, and competitive pricing while focusing on the premium end of the folding carton market. The business model emphasizes sustainable, recyclable paperboard products aligned with industry trends favoring renewable materials. The company sources wood fiber through owned and operated chipping facilities supplemented by external pulp purchases, and produces the majority of its energy needs using carbon-neutral biomass. Top ten customers represented forty-six percent of 2025 sales, reflecting the concentrated customer base typical in the paperboard industry.