Clearwater Paper sells Specialty Mills to Dunn Paper

By Jenny Eagle

- Last updated on GMT

Related tags Business

Clearwater Paper sells Specialty Mills to Dunn Paper
Clearwater Paper Corporation has sold its specialty products business and mills to Dunn Paper.

The Company intends to reinvest the net proceeds of the sale into capital projects within its Consumer Products Division.

The transaction includes the sale of five Clearwater Paper subsidiaries with facilities located at East Hartford, Connecticut, Menominee, Michigan, Gouverneur (Natural Dam), New York, St. Catharines, Ontario, and Wiggins, Mississippi.

"The sale of the specialty products business sharpens our Consumer Products Division's focus on the core retail business​," said Linda Massman, president/ CEO, Clearwater Paper Corporation.

"It's about improving our approach and efficiencies in all parts of our business while meeting or surpassing our customers' expectations, and our Company financial goals​.

We believe the capital projects in which we will invest the proceeds of this sale can yield a 300 to 400 basis point improvement in the Consumer Product Division's EBITDA margins over the next three years​."

Brent Earnshaw, CEO, Dunn Paper, said 470 specialty products employees had joined its firm as a result of the sale.

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