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Company Description

Contact Info

601 West Riverside Avenue

Suite 1100

Spokane, WA 99201

United States

Phone: 509-344-5900


Clearwater Paper Corporation operates as a supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants, and discount stores. The company produces bleached paperboard used by quality-conscious printers and packaging converters. It manufactures consumer tissue, away-from-home (AFH), tissue, parent roll tissue, and pulp. Segments The company’s businesses are organized into two segments, Consumer Products, and Pulp and Paperboard. Consumer Products This segment manufactures and sells a line of at-home tissue products as well as AFH products. Its integrated manufacturing and converting operations and geographic footprint enable the company to deliver a range of products with brand equivalent quality to its customers. Consumer Products Business The company operates as a U.S. consumer tissue manufacturer that produces a line of quality private label tissue products for large retail trade channels. Most U.S. tissue producers manufacture only branded products, or both branded and private label products, or in the case of certain smaller or midsize manufacturers, only produce a limited range of tissue products or quality segments. In bathroom tissue, the majority of the company's sales are two-ply ultra and premium products, including TAD tissue products. In paper towels, the company produces and sells ultra quality TAD towels, as well as premium and value towels. In the facial category, the company sells ultra-lotion three-ply and a line of two-ply premium products, as well as value facial tissue. In napkins, the company manufactures ultra two- and three-ply dinner napkins, as well as premium and value one-ply luncheon napkins. Recycled fiber value grade products are also available to customers who wish to further diversify their product portfolio. The company manufactures and sells a line of AFH products to customers with commercial and industrial tissue needs. Products include conventional one- and two-ply bath tissue, two-ply paper towels, hard wound towels and dispenser napkins. The company had one customer in the Consumer Products segment, the Kroger Company that accounted for approximately $215 million, or 12.3%, of its total company net sales in 2015. The company sells private label tissue products through its own sales force. Pulp and Paperboard This segment manufactures and markets bleached paperboard for the segment of the packaging industry. It produces SBS paperboard. This segment also produces hardwood and softwood pulp, which is primarily used as the basis for the company’s paperboard products, and slush pulp, which it supplies to its Consumer Products segment. The company’s overall pulp and paperboard production consists primarily of folding carton, liquid packaging, cup, plate, commercial printing grades and hardwood and softwood pulp. Folding carton board used in pharmaceuticals, cosmetics and other premium packaging, such as those that incorporate foil and holographic lamination, accounts for the major portion of its total paperboard sales. The company also sells cup stock and plate stock grades for use in food service products. A majority of the company’s sales in this area consist of premium clay coated cup stock grades used for food packaging, such as premium ice cream. The company’s pulp mills are capable of producing approximately 856,000 tons of pulp on an annual basis. In 2015, the company produced approximately 802,000 tons of pulp in the aggregate and utilized approximately 81% of that production, or approximately 650,000 tons, to produce approximately 773,000 tons of paperboard. It also used approximately 19% of its pulp production, or approximately 150,000 tons, in its Consumer Products segment to produce tissue products. The majority of the company’s paperboard is sold to packaging converters domestically through sales offices located throughout the U.S., with a smaller percentage channeled through distribution to commercial printers. Strategy The company’s long-term strategy is to grow the size and scope of its business and optimize the profitability of both its consumer products business and its paperboard business. Seasonality The company’s Consumer Products segment experiences a decrease in shipments during the fourth quarter (year ending December 2015) as a result of decreased consumer demand, retail brand holiday promotions, and end of year inventory management by non-retail customers. In addition, customer buying patterns for its paperboard result in lower sales for the company’s Pulp and Paperboard segment during the first and fourth quarters, when compared to the second and third quarters of a given year.


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Price/Earnings 15.8x
Price/Sales 0.6x
Price/Book 2.3x
Price/Cash Flow 15.1x
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