SPOKANE, Wash., Dec 16, 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 December 17, 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 December 9, 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."
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality bleached paperboard, consumer
tissue and wood products at six facilities across the country. The
company 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. Clearwater Paper's
2,400 employees build shareholder value by developing strong customer
relationships through quality and service.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within
the meaning of the Private Litigation Reform Act of 1995 as amended,
including without limitation, statements about the spin-off of
Potlatch's pulp-based businesses and the effect of the spin-off on
Clearwater Paper's growth opportunities. These forward-looking
statements are based on current expectations, estimates, assumptions and
projections that are subject to change, and actual results may differ
materially from the forward-looking statements. Factors that could cause
Clearwater Paper's actual results to differ materially include, but are
not limited to, changes in the United States and international
economies; changes in raw material, energy, and other costs; changes in
exchange rates between the U.S. dollar and other currencies; changes in
the level of construction activity; changes in tariffs, quotas and trade
agreements involving wood products; changes in worldwide demand for
Clearwater Paper's products; changes in worldwide production and
production capacity in the forest products industry; competitive pricing
pressures for Clearwater Paper's products; unanticipated manufacturing
disruptions; changes in general and industry-specific environmental laws
and regulations; unforeseen environmental liabilities or expenditures;
weather conditions; and other risks and uncertainties described from
time to time in Clearwater Paper's public filings with the Securities
and Exchange Commission. Clearwater Paper does not undertake to update
any forward-looking statements.
SOURCE: Clearwater Paper Corporation
Clearwater Paper Corporation
(News media) - Matt Van Vleet, 509-290-0298
(Investors) - Doug Spedden, 509-835-1549
Copyright Business Wire 2008
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