Spokane, Washington, USA, 16 December 2008 -- (BUSINESS WIRE) -- Clearwater Paper Corporation (NYSE:CLW) today announced that it has successfully completed its previously announced spin-off from Potlatch Corporation (NYSE:PCH) and that shares of Clearwater Paper will begin "regular way" trading on 17 December 2008, on the New York Stock Exchange (NYSE) under the symbol CLW. The spin-off from Potlatch was completed through a distribution of one share of Clearwater Paper common stock for every 3.5 shares of Potlatch stock held by Potlatch stockholders as of the 09 December 2008 record date.
Gordon L. Jones, president and chief executive officer of Clearwater Paper said, "As a stand-alone company with direct access to the public capital markets and greater flexibility, Clearwater Paper has the ability to leverage its distinct strengths and unique operations to pursue future growth opportunities, particularly in the attractive product segments of private label tissue and bleached paperboard. We have assembled an experienced and talented management team, and we look forward to building on our solid position in the industry and implementing strategies that we believe will deliver long-term value to our shareholders."
Clearwater Paper manufactures quality bleached paperboard, consumer tissue, and wood products at six facilities across the United States. The company has 2400 employees and is a premier supplier of private label tissue to major retail grocery chains, and also produces bleached paperboard used by quality-conscious printers and packaging converters.