Sofidel Makes a Significant Step to Accelerate Its Growth in North America. The Group Has Signed a Definitive Agreement to Acquire Clearwater Paper Corporation’s Tissue Business
25 Julio 2024 - 1:12PM
Business Wire
The transaction includes an annual production capacity of
340,000 metric tons distributed across four production sites in
Shelby, North Carolina, Lewiston, Idaho, Las Vegas, Nevada, and
Elwood, Illinois. The completion of the acquisition is expected
within 2024, subject to receipt of customary regulatory approvals
and satisfaction of other customary closing conditions.
Sofidel, a global leading manufacturer of paper for hygienic and
domestic use, known particularly in Italy and Europe for its Regina
brand, is pleased to announce the signing of a definitive agreement
to acquire Clearwater Paper Corporation’s Tissue Business (“CLW
Tissue”).
CLW Tissue is a premier player in the growing North American
tissue market, providing high-quality tissue products to key
retailers operating across multiple channels, including grocery,
club, mass merchants and discount stores.
With sales of over $1.0 billion, annual capacity of 340
thousand metric tons, and more than 1,600 employees, CLW Tissue
operates through an integrated network of four manufacturing
facilities across the United States, in Shelby, North
Carolina, Lewiston, Idaho, Las Vegas, Nevada, and Elwood,
Illinois.
The acquisition marks a significant milestone in Sofidel’s
growth path in North America, an attractive and growing tissue
market with strong fundamentals, where Sofidel has been present for
more than 10 years.
The acquisition will strengthen Sofidel’s compelling customer
offering in North America, expand its technology capabilities
(including Through Air Drying), and contribute to optimization of
its network, enabling it to better serve customers.
Sofidel and CLW Tissue have a high degree of cultural fit given
mutual focus on operational excellence, ethics and integrity.
Sofidel is committed to integrating CLW Tissue’s skilled employees
seamlessly into its operations, ensuring continuity and stability.
The transaction will also further accelerate the sustainability
journey that Sofidel and CLW Tissue have both embarked upon,
leveraging their respective longstanding commitment to, an
excellent track record of, environmental and safety
stewardship.
The transaction is expected to close in 2024, subject to
receipt of customary regulatory approvals and satisfaction of other
customary closing conditions.
“We are extremely proud of this transaction, which represents a
crucial milestone in our history. Thanks to this transaction we are
acquiring a strategic network of four manufacturing plants which
will enlarge our products portfolio thanks to the TAD technology
and create the conditions to significantly strengthen and sustain
growth in North America. We welcome CLW Tissue’s employees to
Sofidel and are excited to enhance together our value proposition
for our customers,” said Luigi Lazzareschi, Sofidel CEO.
Lazard is serving as financial advisor and Cleary Gottlieb Steen
& Hamilton is serving as legal counsel to Sofidel.
Sofidel Group
The Sofidel Group, headquartered in Porcari (Lucca), is one of
the leading manufacturers of paper for hygienic and domestic use
worldwide. Established in 1966, the Group is active in 13
countries, 12 in Europe and the United States (8 States), with over
7,000 employees, net sales of 3,129 million Euros (2023) and a
production capacity of over one million tonnes per year (1,440,000
in 2023). “Regina”, its most well-known brand, is present on almost
all the reference markets. Other brands include: Sopalin, Le
Trèfle, Hakle, Softis, Nalys, Cosynel, KittenSoft, Nicky and
Papernet. Sofidel is committed to reaching Net-Zero carbon
emissions by the end of 2050.
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version on businesswire.com: https://www.businesswire.com/news/home/20240723134562/en/
Media Contact: Fabio Vitali, Vice President of Marketing,
Sofidel America Corp. P: (215) 429-0795 E:
fabio.vitali@sofidel.com