Cleanzine: your weekly cleaning and hygiene industry newsletter 28th November 2024 Issue no. 1140
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Sofidel to acquire Clearwater's North American tissue business
Tissue manufacturer Sofidel - headquartered in Tuscany, Italy - and known particularly in Italy and Europe for its Papernet and Regina brands, has signed a definitive agreement to acquire Clearwater Paper Corporation's Tissue Business, (CLW Tissue).
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 US: 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 Trough Air Drying), and contribute to optimisation 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 integrate 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, and 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," says Luigi Lazzareschi, Sofidel CEO. "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."
Established in 1966, Sofidel Group is active in 13 countries, 12 in Europe and the US (eight 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).
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