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Clearwater Paper Acquires Manchester Industries

Monday 19. December 2016 - Clearwater Paper Corporation (NYSE:CLW) today announced it has acquired Manchester Industries of Richmond, Virginia, a leading, independently-owned paperboard sales, sheeting and distribution supplier to the packaging and commercial print industries.

Clearwater Paper has acquired Manchester Industries in a cash transaction from PaperWorks Industries, an integrated full-service packaging provider for a purchase price of $68.25 million. With approximately 170 full-time employees, Manchester Industries operates five facilities located in Richmond, Virginia; Wilkes-Barre, Pennsylvania; Hagerstown, Indiana; Dallas, Texas and Mendon, Michigan. Clearwater Paper believes the acquisition will be immediately accretive.

“Manchester Industries offers an excellent range of converting services that include custom sheeting, slitting, and cutting,” said Linda Massman, president and CEO of Clearwater Paper. “These five plants are expected to be a valuable asset for Clearwater Paper as we look to extend our reach and service platform to the small and mid-sized folding carton plants. On behalf of Clearwater Paper, we welcome Manchester Industries employees to our team.”

FBR Capital Markets & Co., led by Matthew Spain, advised Clearwater Paper on the acquisition. Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor to Clearwater Paper.