Clearwater Paper Corporation has announced that its board of directors has authorized the repurchase of up to $100 million of the company’s common stock, demonstrating the company’s strong balance sheet and positive outlook on its business. This authorization follows the successful completion of the company’s previous $100 million stock repurchase authorization, which was implemented by the board in February 2014. Clearwater Paper expects to fund the repurchase through available cash resources.
“At the same time, we are committed to maintaining a strong balance sheet and financial position. Since beginning our stock repurchase programs in 2011, we have returned $230 million to our shareholders.”
“Today’s announcement of a new stock repurchase program reflects our confidence in future cash generation capabilities and commitment to return capital to shareholders,” said Linda K. Massman, president and chief executive officer. “At the same time, we are committed to maintaining a strong balance sheet and financial position. Since beginning our stock repurchase programs in 2011, we have returned $230 million to our shareholders.”
The repurchase program authorizes the company to purchase its common stock, on occasion, through open market purchases, negotiated transactions or other means (including accelerated stock repurchases and 10b5-1 trading plans in accordance with applicable securities laws and other restrictions). The company has no obligation to repurchase stock under this program and may suspend or terminate the program at any time.
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality consumer tissue and bleached paperboard and pulp at 13 manufacturing locations in the U.S. and Canada. The company is a premier supplier of private label tissue to major retailers and wholesale distributors. This includes grocery, drug, mass merchants and discount stores. The company also produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper’s employees build shareholder value by developing strong customer partnerships through quality and service.