Displaying items by tag: Clearwater Paper Corporation

Clearwater Paper Corporation (NYSE:CLW) has announced that Linda Massman, president and CEO, and John Hertz, senior vice president and CFO, will present at the Bank of America Merrill Lynch Smid Cap Conference on May 8, 2013, at 10:15 a.m. EDT at Boston's Four Seasons Hotel. A live audio webcast of the presentation and accompanying slide materials will be accessible via Clearwater Paper's investor relations section of the company's website at  http://ir.clearwaterpaper.com/events.cfm. An audio replay of the webcast will be available at the site for 90 days.

Mr. Hertz will also attend the Oppenheimer 8th Annual Industrial Growth Summit on May 14, 2013, at New York's InterContinental Barclay Hotel, along with Tom Colgrove, senior vice president and president of the consumer products division.

Source: Clearwater Paper Corporation

Published in North American News

Following a comprehensive analysis, Clearwater Paper Corporation (NYSE:CLW) has announced the planned permanent closure of its Thomaston, Ga., tissue converting and distribution facility. The gradual shutdown of converting equipment will occur on a schedule throughout the year, with some operations running into the first quarter of 2014, affecting a total of 150 employees.

"This has been a difficult decision—one where the company reviewed many scenarios and alternatives to closing the plant," said Tom Colgrove, president of Clearwater Paper's consumer products division. "We have concluded that consolidating regional converting and permanently closingThomaston was the solution to best serve the needs of our southeastern customers and improve the overall logistics of our national manufacturing network."

Displaced Thomaston employees will be given an opportunity to apply for open positions at other Clearwater Paper facilities. In addition, the company is offering separation and incentive pay for employees who remain at Thomaston until their established final day of work. Also, the company is working closely with West Central Georgia Private Industries Council and the Economic Development Division at the Southern Crescent Technical College to assist with career transition services where needed. Clearwater Paper will integrate most of the equipment from Thomaston in its facilities atOklahoma City and Shelby, N.C.

"Our goal is to provide jobs where possible to our valued employees who are willing to relocate," said Colgrove. "Where the company cannot do that,Clearwater Paper wants to ensure we are doing as much as we can to help affected employees through this difficult transition."

The company expects the total impact of non-recurring exit-related costs to be approximately $6-$7 million of which approximately $4-5 million will be incurred in 2013. The cost savings benefits resulting from the equipment relocation and converting facility optimization, which are part of the company's previously announced cost savings programs, are expected to be fully realized beginning in the fourth quarter of 2014.

Source: Clearwater Paper Corporation

Published in North American News

On schedule, December 13, 2012 Clearwater Paper’s new Metso-supplied Advantage THRU-AIR (TAD) tissue machine was successfully started up and produced its first ton of paper in Shelby, North Carolina, USA. The completion of the flagship facility in Shelby fulfills one of Clearwater Paper’s primary business strategies – to focus on growing the consumer segment of the company.

“Metso TAD technology coupled with their strong project team and process integration capabilities were integral to the success of this project,” said Brian Hoaglund, Clearwater Paper’s expansion project leader. “Metso was a solid partner in delivering equipment that met our performance requirements and will allow Clearwater Paper to deliver ultra quality tissue products to our customers.”

“We are very impressed by Clearwater Paper’s determination and dedication of building a first class tissue manufacturing facility in Shelby. It has been a pleasure for the Metso team to work with them during the definition and execution phase in a well integrated delivery team. The result paid off with an excellent start-up,” said Soren Eriksson, Account Sales Manager, Metso.

Metso’s delivery comprised a complete production line with stock preparation equipment and an Advantage THRU-AIR 200 TAD machine including a Metso Yankee cylinder, THRU-AIR dryers, and an Advantage WetDust dust management system. The delivery also comprised an extensive automation package including Metso DNA machine and process controls and a Metso IQ quality control system with Metso IQ Scanners and Metso IQ Profilers.

The new production line will produce 70,000 tons a year of Ultra Premium high-quality tissue grades. The raw material for the new line will be virgin pulp.

Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, machine glazed tissue, bleached paperboard and pulp at 15 manufacturing locations in the U.S. and Canada. The company is a premier supplier of private label tissue to major retailers and wholesale distributors. This includes grocery, drug, mass merchants and discount stores. The company also produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper's employees build shareholder value by developing strong customer relationships through quality and service.

Published in North American News

clearClearwater Paper Corporation (NYSE: CLW) has announced that it will host its fourth quarter and full year 2012 financial results conference call on Wednesday, February 20, 2013, at 2 p.m. Pacific Time (5 p.m. Eastern Time). The company will issue its financial results after market close the same day.

Investors may access the conference call by dialing 877-303-9241 (for US/Canada investors) or 760-666-3575 (for international investors). The audio webcast may be accessed on the company's website at http://ir.clearwaterpaper.com/events.cfm.

An accompanying presentation will be available for downloading from http://ir.clearwaterpaper.com/events.cfm after the market closes. The webcast will be audio only. Investors are recommended to download the accompanying presentation prior to the call.

For those unable to participate in the call, an archived recording will be available through Clearwater Paper's website at www.clearwaterpaper.com under "Investor Relations" following the conference call.

Source: Clearwater Paper Corporation

Published in Financial News

stock 1Clearwater Paper Corporation (NYSE:CLW) has announced that it upsized and priced 275 million aggregate principal amount of senior notes due 2023 (the "Notes"). The Notes will have an interest rate of 4.5% per annum and are being issued at a price equal to 100% of their face value.

The company estimates that the net proceeds from the offering will be approximately $270.7 million after deducting discounts and estimated offering expenses. Clearwater Paper intends to use approximately $163.9 million of the net proceeds to redeem all of its outstanding 10.625% Senior Notes due 2016, and to use $100 million of the net proceeds to purchase shares of the company's common stock pursuant to the company's previously announced $100 million stock repurchase program. The company intends to use the remaining net proceeds for general corporate purposes.

As the offering was a private placement, the notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 (the "Securities Act") and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The notes that were offered have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

This press release contains information about pending transactions, and there can be no assurance that these transactions will be completed.

Source: Clearwater Paper Corporation

Published in Financial News

clearClearwater Paper Corporation (NYSE:CLW) has announced a proposed offering of $250 million aggregate principal amount of senior notes due 2023.

Clearwater Paper intends to use approximately $163.9 million of the net proceeds to redeem all of its outstanding 10.625% Senior Notes due 2016. The remaining net proceeds are expected to be used to purchase shares of the Company's common stock pursuant to the Company's $100 millionstock repurchase program separately announced today.

As the offering is a private placement, the notes will be offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 (the "Securities Act") and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The notes to be offered have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

This press release contains information about pending transactions, and there can be no assurance that these transactions will be completed.

Source: Clearwater Paper Corporation

Published in Financial News

stockClearwater Paper Corporation (NYSE:CLW) has announced that its board of directors has authorized the repurchase of up to $100 million of the company's common stock, reflecting the company's strong balance sheet and positive outlook on its business. This authorization follows the completion of the company's previous $30 million stock repurchase authorization implemented by the board in July 2011.Clearwater Paper expects to fund the repurchases through available cash resources, including a portion of the proceeds of a proposed senior notes offering announced separately today.

"This stock repurchase program, which we intend to fully execute in 2013, emphasizes the board's ongoing commitment to enhancing shareholder value," said Linda K. Massman, president and chief executive officer. "With the successful start-up of our Shelby TAD paper machine, Clearwater Paperis poised to generate significant discretionary free cash flow. We are now focused on operational execution in the near term and upon completion of the stock repurchase program, we plan to return approximately 50% of discretionary free cash flow to our shareholders over the 2014 and 2015 timeframe."

The repurchase program authorizes the company to purchase its common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated stock repurchases and 10b5-1 trading plans in accordance with applicable securities laws and other restrictions. The company has no obligation to repurchase stock under this program and may suspend or terminate the program at any time.

Source: Clearwater Paper Corporation

Published in Financial News

clearClearwater Paper Corporation (NYSE:CLW) has announced two key divisional executive appointments, effective January 1, 2013. Thomas A. Colgrove, president of the pulp and paperboard division, has been named president of the consumer products division, succeeding Robert P. DeVleming, who will retire after a transitional period during the first half of 2013. Danny G. Johansen, vice president of sales and marketing for the pulp and paperboard division, has been named president of the pulp and paperboard division.

"We look forward to the continued contributions from Tom and Dan in their new positions, and congratulate Bob on a long and successful career at Clearwater Paper," said Gordon Jones, chairman and CEO. "Tom and Dan are highly accomplished executives, each with more than 30 years of industry experience, and they have both been integral to our success. I am confident that, together with incoming CEO Linda Massman, they will successfully advance our strategic priorities and continue to deliver significant shareholder value."

Mr. Colgrove joined Clearwater Paper as vice president of the pulp and paperboard division in 2009. Before joining the company, he was North American senior director, family care products, for Kimberly-Clark Corporation, where he was responsible for seven manufacturing facilities with 4,200 employees. Mr. Colgrove's 25 years of tenure with Kimberly-Clark included management of numerous facilities and product lines. Prior to joining Kimberly-Clark, he also served as vice president of manufacturing for Central Paper Company, and held management positions with Procter & Gamble Corporation. Mr. Colgrove earned a Bachelor of Science in civil engineering from Lafayette College in Easton, Pennsylvania, and an MBA from the University of Chicago.

"Tom's extensive knowledge regarding running and managing major tissue operations will be a critical asset in helping drive stronger results for the company," said Clearwater Paper President and COO Linda Massman. "Tom has successfully led our pulp and paperboard division for more than three years, and we are fortunate to have an individual of his deep experience, which includes more than 33 years in consumer tissue products, leading our consumer tissue business."

Mr. Johansen joined the company in 1973 and during that time, has served in many leadership positions, including senior director of sales for pulp and paperboard, production and strategic planning manager for pulp and paperboard, and vice president of the western wood products division. He was named vice president of sales and marketing in 2008. Mr. Johansen received his Bachelor of Arts from California State University Humboldt.

"Dan's nearly 40 years of experience is both broad and deep at Clearwater Paper," continued Ms. Massman. "His intimate understanding of our customers and markets and his knowledge of our pulp and paperboard business make him a strong addition to our leadership team."

Added Ms. Massman, "On behalf of the entire management team and everyone at Clearwater Paper, I would like to thank Bob for his leadership and countless contributions to the company. Bob has been an integral part of our success, and we wish him the best in his retirement."

Published in North American News

clearClearwater Paper Corporation has announced the completion of the next phase of the company's newest facility at Shelby, N.C., culminating in the start-up of the company's new through-air-dried (TAD) paper machine. The machine produced its first finished ton and converted product on December 13.

"Construction of all phases to date of the nearly one-million-square-foot facility came in on-time and on-budget," said Gordon Jones, chairman and CEO. "The dedication and support of Clearwater Paper's 200 Shelby employees have already made this facility a huge success."

Upgrades to a second Clearwater Paper TAD paper machine, located at the company's facility in North Las Vegas, have also been completed. The enhancements enable the facility to produce TAD ultra-bathroom tissue and household towels.

New production and distribution capability at Shelby is expected to increase the company's ultra and premium offerings to existing southern and East Coast customers. Collectively, the two TAD machines will create new opportunities to expand the company's private label consumer tissue business around a national manufacturing footprint, supplying these key products to customers across the United States.

"The completion of the flagship facility in Shelby fulfills one of Clearwater Paper's primary business strategies — to focus on growing the consumer products segment of the company," said Linda Massman, president and COO. "Combined with the recent upgrade at our North Las Vegas facility, these two important projects have helped Clearwater Paper achieve our goal of a coast-to-coast manufacturing footprint focused on best serving our private label customers."

The Shelby project, announced in June 2010, involved significant coordination with local and state agencies.

"The ongoing support from the people of Cleveland County and our new, exceptionally talented employee team has made this world-class facility possible," said Vince Reese, Shelby plant manager.

"We clearly owe a big thanks to the hundreds of contractors who have worked methodically night and day for two years to build one of the finest tissue manufacturing complexes in the world," said Brian Hoaglund, expansion project leader. "We worked seamlessly with government agencies fromShelby, Cleveland County and the state of North Carolina throughout the process."

Clearwater Paper's Las Vegas TAD machine was completed in 2004 to fill an important void in the private label tissue marketplace, which lacked a leading national brand equivalent (NBE) ultra-premium quality paper towel product. Since the machine became operational, Clearwater Paper has been a leading supplier of TAD paper towels to regional and national private label retailers throughout the United States.

"The Las Vegas upgrade was a success for many reasons including excellent project management," said Bill Copenspire, vice president consumer products manufacturing. "We completed significant pre-installation work before the scheduled outage and had very good communication betweenClearwater Paper and an army of vendors."

"Clearwater Paper can add NBE TAD bath tissue to our product lineup at a time when the ultra-quality tier is the highest growth segment in bath tissue," said Bruce Woodlief, director of marketing. "The addition of TAD bath provides retail customers with a significant quality improvement over their existing conventional ultra-bath product."

Source: Clearwater Paper Corporation

Published in North American News

Clearwater Paper Corporation (NYSE:CLW) has announced that Linda K. Massman will become the company's next chief executive officer, succeeding Gordon L. Jones, who will be retiring from his roles as chief executive officer and chairman of the board of directors, on December 31, 2012.

Ms. Massman, currently president and chief operating officer, will begin as president and chief executive officer, effective January 1, 2013. Ms. Massman will also join Clearwater Paper's board of directors at that time. Additionally, vice chairman and lead director of the board, Boh A. Dickey, has been appointed chairman of the board, effective January 1, 2013.

"Linda has been an integral part of the company's ability to design and execute its strategy from the beginning," said Mr. Dickey. "She came toClearwater Paper as one of the company's original leaders after a rapid succession in finance and strategy development, and is now making the natural progression from chief operating officer to chief executive officer. She is the right person to lead Clearwater Paper as we enter our next phase of growth and development."

"I have had the pleasure of working closely with Linda since the company's spin-off in 2008 and she has been an integral part of Clearwater Paper's success," said Mr. Jones. "Since that time, we have executed on our growth strategy and successfully transformed our company into one of the largest and most successful premium private label tissue and bleached paperboard producers in North America. Under Linda's leadership, I am confidentClearwater Paper will continue to build on this track record of success."

Ms. Massman was appointed vice president and chief financial officer of Clearwater Paper in 2008, then named president and chief operating officer inNovember 2011. Before joining Clearwater Paper, Ms. Massman was group vice president, finance and corporate planning, for SUPERVALU Inc. Prior to this, Ms. Massman worked as a business strategy consultant for Accenture. Ms. Massman has more than 20 years of corporate finance and business strategy development experience and earned a Bachelor of Business Administration from the University of North Dakota and an MBA fromHarvard Business School.

Added Mr. Dickey, "Linda's customer-side experience, broad financial and strategic planning expertise with some of the country's biggest consumer brands and her knowledge of the company from day one give her the unique ability to lead Clearwater Paper and ensure the company's continued growth and success. We look forward to working with Linda as we build upon the strong foundation already in place and continue to execute our strategic priorities and create stockholder value."

"I am honored to take on the role of CEO of Clearwater Paper at this time of great opportunity," said Ms. Massman. "Given the market dynamics within private label, our track record of success and strategic plan for growth, I believe we are well positioned to continue to enhance stockholder value. We remain focused on expanding the geographic and channel reach of Clearwater Paper while executing on our cost efficiency and integration synergy goals. I look forward to working with the board, management team and our dedicated employees to continue Clearwater Paper's achievements for customers and investors."

"On behalf of the board and everyone at Clearwater Paper, I would like to thank Gordon for his leadership, commitment and countless contributions to our company," said Mr. Dickey. "We look forward to continuing to benefit from his experience as a director on the board, and we wish him all the best in his retirement."

Source: Clearwater Paper

Published in North American News
Page 2 of 5