06:39 AM EDT, 07/22/2024 (MT Newswires) -- Clearwater Paper ( CLW ) said Monday that it has entered into a definitive agreement to sell its tissue business to Sofidel America for $1.06 billion.

The company said it plans to use the net proceeds of about $850 million to deleverage its balance sheet and invest in growth initiatives for its continuing operations.

The transaction is expected to close in the latter part of 2024.

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