Clearwater Authorizes $100 Million Stock Repurchase
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Clearwater Paper Corp., Spokane, Wash., USA, has authorized the repurchase of up to $100 million of the company's common stock. This authorization follows the successful completion of the company's previous $100 million stock repurchase authorization that was implemented in January 2013. Clearwater expects to fund the repurchases through available cash resources.
The announcement "reflects our positive outlook on our business, continued confidence in our future cash generation capabilities, and commitment to return capital to shareholders," said Linda K. Massman, president and CEO. "At the same time, we remain committed to maintaining a strong balance sheet and financial position. Since beginning our stock repurchase programs in 2011, we have returned $130 million to our shareholders."
The repurchase program authorizes the company to purchase its common stock from time to time through open market purchases, negotiated transactions, or other means, including accelerated stock repurchases and 10b5-1 trading plans.
Clearwater produces consumer tissue, away-from-home tissue, parent roll tissue, machine glazed tissue, bleached paperboard, and pulp at 14 manufacturing locations in the U.S. and Canada. The company is a supplier of private label tissue to major retailers and wholesale distributors.
