10:00 AM EDT, 11/01/2024 (MT Newswires) -- Clearwater Paper ( CLW ) said Friday it has completed the sale of its tissue business to Sofidel America for $1.06 billion in cash, before customary price adjustments.

The transaction positions the company to expand and diversify its paperboard business, reduces its net debt and strengthens its balance sheet, Clearwater said.

Shares of the company rose 7.1% in recent trading.

Price: 26.98, Change: +1.79, Percent Change: +7.09