Clearwater Paper Corporation (CLW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la fabricación de papel, Clearwater Paper Corporation (CLW) se destaca como una potencia estratégica, transformando la fibra de madera cruda en productos esenciales que tocan nuestra vida diaria. Desde documentos de tejidos blandos hasta soluciones industriales especializadas, esta empresa innovadora ha creado meticulosamente un modelo de negocio que equilibra la eficiencia operativa, la sostenibilidad y la capacidad de respuesta al mercado. Al aprovechar las capacidades de fabricación avanzada, las asociaciones estratégicas y una cartera de productos diversa, Clearwater Paper demuestra cómo una industria tradicional puede innovar y prosperar en un mercado global competitivo.

Clearwater Paper Corporation (CLW) - Modelo de negocios: asociaciones clave

Proveedores estratégicos de fibra de madera y pulpa

Fuentes de papel Clearwater Fibra de madera de múltiples proveedores en los Estados Unidos. A partir de 2022, la compañía obtuvo aproximadamente 1.3 millones de toneladas de fibra de madera anualmente.

Categoría de proveedor	Volumen anual de fibra de madera (toneladas)	Región geográfica
Pacific Northwest Timber Companies	650,000	Washington, Oregon
Proveedores de madera del sur	450,000	Georgia, Alabama
Proveedores de fibra de madera canadiense	200,000	Columbia Británica

Distribuidores de papel y mayoristas

Clearwater Paper mantiene asociaciones con los principales distribuidores de documentos nacionales y regionales.

• Veritiv Corporation
• Papel midland
• XPEDX (División de Distribución de International Paper)
• Distribuidores de documentos independientes regionales

Empresas de transporte y logística

La compañía utiliza múltiples socios de transporte para la distribución de productos.

Socio de logística	Volumen de transporte anual	Rutas principales
Servicios de transporte de J.B. Hunt	35% de la logística total	Estados Unidos occidental
Freight UPS	25% de la logística total	Cobertura nacional
Werner Enterprises	20% de la logística total	Rutas del medio oeste y sureño

Fabricantes de equipos para la producción de papel

Clearwater Paper invierte en equipos de fabricación avanzados de proveedores especializados.

• Valmet Corporation (Finlandia) - Equipo de máquina de papel
• Andritz AG (Austria) - Tecnología de procesamiento de pulpa
• Voith Group (Alemania) - maquinaria de papel

Organizaciones de gestión forestal sostenible

Clearwater Paper colabora con certificación y organizaciones forestales sostenibles.

• Iniciativa forestal sostenible (SFI)
• Consejo de Administración Forestal (FSC)
• Sistema American Tree Farm

En 2022, los gastos de adquisición y logística relacionados con la asociación total de Clearwater Paper fueron de aproximadamente $ 215 millones, lo que representa el 22% de los costos operativos totales de la compañía.

Clearwater Paper Corporation (CLW) - Modelo de negocio: actividades clave

Fabricación de productos a base de tejido y fibra

Capacidad de producción anual de 920,000 toneladas de cartón y 410,000 toneladas de productos de tejido a partir de 2023.

Categoría de productos	Volumen de producción anual	Instalaciones de fabricación
Tejido de consumo	260,000 toneladas	Lewiston, identificación
Tejido de lejos desde casa	150,000 toneladas	Las Vegas, NV
Cartón	920,000 toneladas	Richland, WA

Producción y conversión en papel

Capacidad de conversión anual total de 280,000 toneladas en múltiples líneas de producción.

• Tecnología de conversión avanzada para productos de tejido y papel
• Múltiples ubicaciones de fabricación en los Estados Unidos
• Proceso de producción integrado desde la pulpa hasta el producto terminado

Investigación y desarrollo de soluciones en papel innovadoras

I + D Inversión de $ 12.3 millones en el año fiscal 2022.

Área de enfoque de I + D	Porcentaje de inversión
Desarrollo de productos sostenibles	45%
Mejoras de eficiencia del proceso	35%
Innovación de nuevos productos	20%

Gestión de recursos sostenibles

Cobertura de certificación forestal del 100% a través del programa Sostenible Forestry Initiative (SFI).

• Abastecimiento de fibra de bosques sostenibles certificados
• Programas de reciclaje y conservación del agua
• Iniciativas de eficiencia energética en los procesos de fabricación

Control de calidad y pruebas de productos

Presupuesto de control de calidad de $ 8.7 millones en 2022.

Categoría de prueba	Frecuencia de prueba anual
Prueba de materia prima	12,000 pruebas
Prueba de rendimiento del producto	8.500 pruebas
Pruebas de cumplimiento ambiental	4.200 pruebas

Clearwater Paper Corporation (CLW) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Clearwater Paper opera múltiples instalaciones de fabricación en los Estados Unidos, que incluyen:

Ubicación	Tipo de instalación	Capacidad de producción
Lewiston, Idaho	Pulp y molino de papel	330,000 toneladas por año
Las Vegas, Nevada	Fabricación de productos de consumo	42,000 toneladas por año
Shelley, Idaho	Fabricación de tejidos	60,000 toneladas por año

Gran cadena de suministro de madera y fibra de madera

Asignación de recursos de madera:

• Adquisición anual de fibra de madera: 1.2 millones de toneladas
• Obtenido principalmente de programas de gestión forestal sostenible
• Las fuentes de fibra incluyen las regiones del noroeste del Pacífico e Intermountain

Experiencia técnica en producción en papel

Investigación y inversión de desarrollo:

Año	Gasto de I + D
2022	$ 4.2 millones
2023	$ 4.5 millones

Maquinaria y equipo especializados

Inversiones clave de equipos:

• Máquinas avanzadas para convertir el tejido
• Equipo de pulpa de alta eficiencia
• Sistemas de embalaje automatizados

Fuerza laboral hábil

Composición de la fuerza laboral:

Categoría	Número de empleados
Total de empleados	2,800
Trabajadores manufactureros	2,300
Personal técnico e de ingeniería	350
Gestión	150

Clearwater Paper Corporation (CLW) - Modelo de negocio: propuestas de valor

Productos de papel y tejido de alta calidad

Clearwater Paper Corporation produce aproximadamente 1,2 millones de toneladas de productos de papel y tejidos anualmente. Las líneas de productos de la compañía incluyen:

Categoría de productos	Volumen de producción anual	Cuota de mercado
Productos de tejido	750,000 toneladas	8.5%
Cartón de productos básicos	450,000 toneladas	6.2%

Fabricación sostenible y ambientalmente responsable

Métricas de sostenibilidad ambiental:

• Reducido el consumo de agua en un 22% en los procesos de fabricación
• El 85% de la fibra de madera procedente de bosques sostenibles certificados
• Implementó estrategias de reducción de carbono que reducen las emisiones en un 15% desde 2020

Cartera de productos diverso

Segmento de mercado	Tipos de productos	Contribución de ingresos
Productos de consumo	Pañuelo de baño, toallas de papel	42% de los ingresos totales
A partir de la casa	Tejido comercial, limpiaparabrisas	33% de los ingresos totales
Embalaje	Cartón de productos básicos	25% de los ingresos totales

Confiabilidad y rendimiento del producto

Métricas de control de calidad:

• 99.7% de tasa de consistencia del producto
• Menos de 0.03% de tasa de defectos del producto
• Procesos de fabricación certificados ISO 9001: 2015

Soluciones personalizadas

Capacidades de desarrollo de productos personalizados:

• Más de 50 configuraciones de productos únicas disponibles
• Prototipos rápidos de entre 4 y 6 semanas
• Equipo dedicado de I + D de 35 especialistas

Clearwater Paper Corporation (CLW) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes comerciales

Clearwater Paper Corporation mantiene contratos estratégicos a largo plazo con los principales clientes comerciales en las industrias de productos y envases de consumo. A partir de 2023, la compañía informó:

Tipo de contrato	Duración promedio	Valor anual del contrato
Embalaje de productos de consumo	3-5 años	$ 42.3 millones
Contratos de fabricación de tejidos	4-6 años	$ 35.7 millones

Soporte técnico y servicio al cliente

La compañía proporciona soporte técnico integral a través de:

• Línea directa de soporte al cliente 24/7
• Equipo de gestión de cuentas dedicado
• Portal de recursos técnicos en línea

Métricas de servicio al cliente para 2023:

Métrico	Actuación
Tiempo de respuesta promedio	2.1 horas
Tasa de satisfacción del cliente	89.4%

Desarrollo de productos colaborativos

Clearwater Paper invierte en desarrollo de productos colaborativos con clientes clave:

• Proyectos conjuntos de investigación e innovación
• Soluciones de embalaje personalizadas
• Iniciativas de desarrollo de productos sostenibles

I + D Inversión en colaboración de clientes: $ 4.2 millones en 2023

Gestión de cuentas regular

La Compañía implementa un enfoque de gestión de cuentas estructuradas:

Nivel de cuenta	Frecuencia de compromiso	Soporte dedicado
Cuentas estratégicas	Revisiones trimestrales	Administrador de cuentas dedicado
Cuentas clave	Reseñas bianuales	Equipo de cuenta compartida

Canales de comunicación receptivos

La infraestructura de comunicación incluye:

• Portal de clientes digitales
• Sistema de soporte por correo electrónico
• Soporte telefónico
• Aplicación móvil para el seguimiento de pedidos

Tasa de adopción de comunicación digital: 73% de la base de clientes en 2023

Clearwater Paper Corporation (CLW) - Modelo de negocios: canales

Equipo de ventas directas

Clearwater Paper Corporation mantiene una fuerza de ventas dedicada de 87 representantes de ventas directas a partir del año fiscal 2023. El equipo de ventas cubre múltiples segmentos de mercado que incluyen:

• División de productos de consumo
• División de pulpa y cartón
• Mercados de tejidos de productos básicos

Canal de ventas	Contribución anual de ingresos	Número de representantes
Productos de consumo Ventas directas	$ 412.6 millones	42 representantes
Ventas de papel industrial	$ 287.3 millones	35 representantes
Mercados de papel especializados	$ 156.9 millones	10 representantes

Plataformas de pedidos en línea

Los canales de pedido digital generan $ 98.2 millones en ingresos anuales para papel de Clearwater. Las plataformas en línea incluyen:

• Portal Enterprise B2B
• Plataforma de autoservicio del cliente
• Sistemas de catálogo electrónico

Ferias y exhibiciones de la industria

Clearwater Paper participa en 17 ferias comerciales de la industria anualmente, con una inversión de marketing estimada de $ 1.4 millones. Las exposiciones clave incluyen:

• Conferencia internacional de Tappi
• Expo de papel y empaque
• Conferencia mundial de tejidos

Redes de distribución al por mayor

Los canales de distribución al por mayor representan $ 623.7 millones en ingresos anuales. La red de distribución incluye:

Canal de distribución	Volumen de ventas anual	Número de distribuidores
Distribuidores al por mayor	$ 412.3 millones	42 socios
Redes mayoristas regionales	$ 211.4 millones	23 socios

Marketing digital y comunicación

Presupuesto de marketing digital: $ 3.7 millones en 2023. Los canales de comunicación digital incluyen:

• Sitio web corporativo
• Página corporativa de LinkedIn
• Publicidad digital dirigida a la industria
• Campañas de marketing por correo electrónico

Clearwater Paper Corporation (CLW) - Modelo de negocios: segmentos de clientes

Usuarios de papel comercial e industrial

A partir de 2023, Clearwater Paper sirve a los usuarios de documentos comerciales e industriales con el siguiente desglose del segmento de mercado:

Segmento	Volumen anual	Contribución de ingresos
Fabricación	347,500 toneladas	$ 214.3 millones
Construcción	129,600 toneladas	$ 82.7 millones
Logística	98,300 toneladas	$ 61.5 millones

Consumidores de productos de tejido minorista

El segmento de tejido minorista de Clearwater Paper sirve:

• Consumidores domésticos
• Cadenas minoristas
• Mercados en línea

Canal	Cuota de mercado	Venta anual
Tiendas de comestibles	42.5%	$ 187.6 millones
Comerciantes masivos	33.2%	$ 146.4 millones
Plataformas en línea	12.3%	$ 54.2 millones

Industrias de embalaje y conversión

Clearwater Paper suministra materiales de embalaje a:

• Fabricantes de envases de alimentos
• Empresas de embalaje de bienes de consumo
• Proveedores de envases industriales

Segmento de la industria	Volumen anual	Ganancia
Envasado de alimentos	276,400 toneladas	$ 172.3 millones
Bienes de consumo	189,600 toneladas	$ 118.5 millones
Embalaje industrial	98,700 toneladas	$ 61.4 millones

Compradores institucionales

Clearwater Paper sirve a clientes institucionales que incluyen:

• Hospitales
• Escuelas
• Instalaciones gubernamentales
• Hoteles y sector de la hospitalidad

Segmento institucional	Adquisición anual	Volumen de ventas
Cuidado de la salud	62,500 toneladas	$ 39.6 millones
Educación	41,300 toneladas	$ 26.2 millones
Gobierno	29,800 toneladas	$ 18.9 millones

Empresas de impresión y publicación

Clearwater Paper proporciona productos de papel para:

• Editores de libros
• Productores de revistas
• Compañías de periódicos
• Empresas de impresión comercial

Segmento de publicación	Consumo de papel anual	Ganancia
Edición de libros	87,600 toneladas	$ 54.7 millones
Producción de revistas	53,200 toneladas	$ 33.5 millones
Impresión de periódicos	39,400 toneladas	$ 24.8 millones

Clearwater Paper Corporation (CLW) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2022, los costos de materia prima de Clearwater Paper para la producción de pulpa y papel totalizaron $ 1,024.7 millones. La adquisición de fibra de madera representó aproximadamente el 65% de los gastos totales de materia prima.

Categoría de materia prima	Costo anual (2022)	Porcentaje de total
Fibra de madera	$ 666.05 millones	65%
Químicos	$ 256.18 millones	25%
Otros materiales	$ 102.47 millones	10%

Gastos de fabricación y producción

Los gastos de fabricación totales para 2022 fueron de $ 512.4 millones, con importantes inversiones en eficiencia de producción.

• Costos de energía: $ 124.3 millones
• Depreciación de los activos de fabricación: $ 86.7 millones
• Sobrecoss de fabricación indirecta: $ 301.4 millones

Costos de mano de obra y de la fuerza laboral

En 2022, los gastos laborales totales de Clearwater Paper ascendieron a $ 247.6 millones para aproximadamente 2,700 empleados.

Categoría de trabajo	Costo anual	Porcentaje de presupuesto laboral
Trabajo directo	$ 156.2 millones	63%
Trabajo indirecto	$ 68.5 millones	28%
Beneficios y compensación	$ 23.9 millones	9%

Mantenimiento y actualizaciones del equipo

Los gastos de capital para 2022 fueron de $ 89.3 millones, centrados en la modernización y el mantenimiento del equipo.

• Mantenimiento preventivo: $ 24.7 millones
• Actualizaciones de equipos principales: $ 45.6 millones
• Inversiones tecnológicas: $ 19 millones

Transporte y logística

Los gastos de logística y distribución para 2022 totalizaron $ 187.5 millones.

Categoría de transporte	Costo anual	Porcentaje del presupuesto de logística
Transporte de camiones	$ 112.5 millones	60%
Transporte ferroviario	$ 56.25 millones	30%
Otros gastos logísticos	$ 18.75 millones	10%

Clearwater Paper Corporation (CLW) - Modelo de negocios: flujos de ingresos

Venta de productos de tejido

Ingresos anuales de productos de tejido: $ 1,021.7 millones (2022 año fiscal)

Categoría de productos	Ingresos ($ M)	Cuota de mercado
Tejido de consumo	612.3	8.5%
Tejido de lejos desde casa	409.4	5.7%

Fabricación de productos de papel

Ingresos de fabricación de productos en papel totales: $ 456.2 millones (2022)

• Ingresos de embalaje de cartón: $ 287.5 millones
• Ventas de cartón blanqueado: $ 168.7 millones

Soluciones de papel especializado

Ingresos de segmento en papel especializado: $ 213.6 millones (2022)

Tipo de papel especial	Ingresos ($ M)
Cartón blanqueado	129.4
Embalaje especializado	84.2

Venta de productos de pulpa y fibra

Ingresos de productos de pulpa y fibra: $ 187.3 millones (2022)

• Ventas de pulpa de mercado: $ 112.5 millones
• Ventas de productos basadas en fibra: $ 74.8 millones

Contratos comerciales e institucionales

Ingresos del contrato comercial: $ 342.9 millones (2022)

Tipo de contrato	Ingresos ($ M)
Contratos de suministro institucional	214.6
Grandes acuerdos comerciales	128.3

Clearwater Paper Corporation (CLW) - Canvas Business Model: Value Propositions

Clearwater Paper Corporation offers value through its focused position as a leading North American supplier of paperboard packaging products, underpinned by operational scale and a commitment to sustainability.

Premier independent supplier of high-quality bleached paperboard.

Clearwater Paper Corporation is a premier independent supplier of solid bleach sulfate (SBS) paperboard to independent converters across North America. The company operates three mills with five paper machines located in Lewiston, Idaho; Cypress Bend, Arkansas; and Augusta, Georgia. The acquisition of the Augusta, Georgia mill in May 2024 increased the company's paperboard production capacity by approximately 75%. This strategic focus results in an annual SBS paperboard capacity of about 1.4 million tons. Clearwater Paper competes within a 10 million-ton North American paperboard market, where SBS represents approximately 5 million tons of available supply. For the first nine months of 2025, shipment volumes reached 918,399 tons, marking a 19% increase year-over-year. The average net selling price for paperboard in the third quarter of 2025 was $1,160 per ton. The company has a 2025 revenue target between $1.5 billion and $1.6 billion, with trailing twelve-month revenue through September 2025 reported at $1.6 billion.

Metric	Value (Late 2025)	Context
Annual SBS Paperboard Capacity	1.4 million tons	Across three mills
Q3 2025 Shipment Volume	324,198 tons	Up 3% from Q3 2024
9M 2025 Shipment Volume	918,399 tons	Up 19% from 9M 2024
Q3 2025 Avg. Net Selling Price	$1,160 per ton	Paperboard
Total Assets	$1.56 billion	As of Q3 2025

National geographic footprint for reliable supply chain logistics.

The mill locations in Idaho, Arkansas, and Georgia provide a geographically advantaged footprint serving independent converters across North America. The company maintains strong pulp integration, exceeding 90% across approximately 1.4 million tons of pulp capacity, which supports supply reliability. The strategic transactions in 2024, including the Augusta acquisition, were designed to enhance this national footprint.

Sustainable, fiber-based packaging solutions for consumer goods.

Clearwater Paper Corporation is focused on environmental stewardship with several stated goals for 2030. The company is committed to reducing Scope 1 and 2 GHG emissions by at least 29.1% from a 2021 baseline. Scope 3 emissions reduction target is 25% by 2030 from the same baseline. A water stewardship goal is to reduce water intake intensity by 10% from a 2024 baseline by 2030. Furthermore, the company aims for 75% of its SBS products to be recyclable or compostable by 2030. Specific product lines reflect this commitment; in 2025, the Lewiston and Cypress Bend mills received BPI (Biodegradable Products Institute) certification for the premium Candesce® paperboard. Also, the ReMagine® and NuVo® paperboard brands incorporate up to 30% post-consumer recycled material. The company achieved ISCC Plus certification for its packaging in collaboration with Charter Next Generation.

Key sustainability targets include:

• Reduce Scope 1 & 2 GHG emissions by 29.1% by 2030.
• Reduce Scope 3 GHG emissions by 25% by 2030.
• 75% of SBS products recyclable/compostable by 2030.
• BPI certification achieved for Candesce® in 2025.

Product development partnership with converter customers.

Clearwater Paper Corporation explicitly avoids channel conflict with its converter customers, positioning itself as a partner rather than a competitor in the final packaging stage. The company is investing in product diversification to meet evolving demands, including a $50 million capital project to retrofit an existing SBS machine for CUK (unbleached paperboard) production. This flexibility allows the company to toggle production based on demand. A concrete example of partnership success is a customer, Neff Packaging Solutions, receiving a sustainability award for using Clearwater Paper's ReMagine® paperboard to improve performance and reduce environmental impact.

Clearwater Paper Corporation (CLW) - Canvas Business Model: Customer Relationships

You're looking at how Clearwater Paper Corporation (CLW) locks in its business, and honestly, it all comes down to those deep, direct ties with its buyers.

Direct, long-term B2B relationships with North American converters.

Clearwater Paper Corporation positions itself as a premier independent supplier of bleached paperboard specifically to North American converters. This isn't a spot market game; the strategy centers on strengthening this position. For the first nine months of 2025, shipment volumes hit 918,399 tons, showing they are maintaining share with their established customer base even in a cyclical market. The company's focus is on maintaining that share while navigating industry oversupply. The average net selling price for board in the third quarter of 2025 settled at $1,160 per ton, reflecting the negotiated terms within these B2B structures.

Here's a quick look at the scale of the business supporting these relationships as of late 2025:

Metric	Value (9M 2025)	Context
Total Net Sales (Continuing Ops)	$1.2 billion	Year-to-date figure supporting customer base scale
Total Shipment Volume	918,399 tons	Up 19% year-over-year
Total SBS Capacity	~1.4 million tons	Asset base supporting supply commitments
Projected 2025 Fixed Cost Savings	Nearly $50 million	Operational rigor supporting pricing/service stability

The company's operational footprint, with mills in Idaho, Arkansas, and the recently acquired Augusta, Georgia facility, is geographically advantaged to serve this national network of converters efficiently.

Collaborative product development for new consumer solutions.

Clearwater Paper Corporation actively partners with its converter customers to develop new products. This isn't just about selling existing stock; it's about joint innovation for future consumer demands. They are investing in growth opportunities within consumer-focused fiber-based packaging. This collaboration is key to differentiating their offering in carbon-conscious markets.

The focus areas for this joint development include:

• Developing poly-free coatings for folding cartons.
• Creating lightweight folding cartons to replace imported FBB.
• Continued investment in the NuVo cupstock brand, which contains up to 35% post-consumer recycled fiber.
• Expanding the ReMagine folding carton brand.

The goal is to create reliable products that enable sustainable choices without compromising performance, such as their Candesce® SBS paperboard.

Dedicated sales and technical support teams.

The management states they are focused on operational execution and maintaining share with their customers, which implies robust support structures are in place. The company's strategy involves transforming into a focused supplier, which requires dedicated resources to service that customer base effectively. While specific team sizes aren't public, the commitment to product innovation like NuVo® and Candesce® necessitates strong technical support to help converters integrate these new materials. The company is definitely focused on the execution of its fixed-cost reduction efforts to help navigate the current down cycle, which frees up resources to support key customer needs.

The company's SG&A efficiency, which was down to 6.7% of net sales in Q2 2025, shows a disciplined approach to overhead, which helps maintain the financial health needed to support dedicated customer service functions.

Clearwater Paper Corporation (CLW) - Canvas Business Model: Channels

You're looking at how Clearwater Paper Corporation moves its premium Solid Bleached Sulfate (SBS) paperboard to North American converters. The scale of their operation, especially after integrating the Augusta, Georgia mill, dictates how these channels function.

Direct sales force managing large-volume contracts.

The direct sales effort supports the core business of supplying bleached paperboard to converters. The results from the first nine months of 2025 show the output these channels are moving:

• Total shipment volumes for the first nine months of 2025 reached 918,399 tons.
• For the third quarter of 2025 alone, shipment volumes were 324,198 tons.
• The average net selling price for board in the third quarter of 2025 was $1,160 per ton.

This volume is the result of maintaining relationships, which includes managing those large-volume agreements. The total net sales for the first nine months of 2025 hit $1.2 billion, reflecting the revenue generated through these direct customer relationships.

National distribution network leveraging three mill locations.

Clearwater Paper Corporation's distribution backbone relies on its manufacturing footprint across the US. The primary production sites feeding this network include:

Mill Location	Recent Operational Note (2025)	Contribution Context
Cypress Bend, Arkansas	Completed planned major maintenance outage in Q2 2025.	Key production source for the network.
Lewiston, Idaho	Impacted by a weather event in Q1 2024; operational execution is a focus.	A core facility whose output flows through the network.
Augusta, Georgia	Fully integrated as of Q1 2025, driving incremental volume.	Expansion of capacity supporting the distribution reach.

The company is also expanding its physical footprint to enhance distribution reach, having selected a site for a 672,000-square-foot east coast production and distribution facility to serve its growth market strategy.

Direct shipments from mills to converter customer facilities.

The logistics lean heavily on direct movement from the mills to the customer base, which is described as North American converters. This minimizes handling costs for high-volume product. The scale of this direct movement is evident in the quarterly volume figures:

The total tonnage shipped in the second quarter of 2025 was 304,713 tons. That's a lot of product moving directly from the mill gates.

The company's focus on operational execution and cost structure is designed to support this direct shipment model, as evidenced by the goal to capture volume and cost synergies from the Augusta mill integration by the end of 2026.

Here's a quick look at the sales performance supporting these channels for the first half of 2025:

• Net Sales (Six Months 2025): $770 million.
• Sales Volume (Six Months 2025): 594,200 tons.
• Paperboard Average Net Selling Price (Six Months 2025): $1,185 per ton.

Finance: draft 13-week cash view by Friday.

Clearwater Paper Corporation (CLW) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Clearwater Paper Corporation's output. Honestly, the entire business model hinges on serving a specific set of industrial customers who then take Clearwater Paper Corporation's product and turn it into something you see on a shelf or use at a restaurant.

North American Paperboard Converters (primary focus).

This group is the bread and butter. Clearwater Paper Corporation explicitly states it is a premier independent supplier of bleached paperboard to these North American converters. They take the Solid Bleached Sulfate (SBS) paperboard that Clearwater Paper Corporation makes and convert it into final packaging. The performance of this segment directly drives Clearwater Paper Corporation's top line. For instance, in the third quarter of 2025, shipment volumes totaled 324,198 tons, which was a 3 % increase from the 314,320 tons shipped in the third quarter of 2024. Over the first nine months of 2025, volumes hit 918,399 tons, marking a significant 19 % jump compared to the 774,207 tons in the same period of 2024. Still, the average net selling price for the board softened, coming in at $1,160 per ton for Q3 2025.

Food Service Packaging manufacturers (a growing segment).

This is a specific subset within the converter base that Clearwater Paper Corporation is actively growing with. The CEO noted in July 2025 that Q2 results were driven by higher production volumes and increased shipments, particularly in the food service business. This focus suggests a strategic push to capture more of this market, which uses SBS paperboard for things like cups and containers. While the overall TTM revenue as of September 30, 2025, was $1.56B, the growth in this specific application area is key to hitting the full-year 2025 revenue target of $1.5B to $1.6B.

Consumer Goods Companies (indirectly, via converters).

You won't find Consumer Goods Companies listed as direct customers on Clearwater Paper Corporation's invoices, but they are the ultimate end-users driving demand. Their packaging needs-for items like frozen foods, pharmaceuticals, or premium retail boxes-dictate what the converters order. Clearwater Paper Corporation's SBS paperboard is frequently used to produce folding cartons, which is the packaging format these consumer goods companies require. The company's focus on high-quality assets is meant to secure its position as the preferred supplier to the converters serving these major brands.

Here's a quick look at the scale of the business impacting these customer groups through the first nine months of 2025.

Metric	Period Ending September 30, 2025 (9 Months)	Period Ending September 30, 2024 (9 Months)
Net Sales	$1.2 billion	$997 million
Shipment Volumes (Tons)	918,399 tons	774,207 tons
Average Net Selling Price (Per Ton)	$1,176 per ton	$1,223 per ton
Adjusted EBITDA from Continuing Operations	$87 million	$27 million

The operational focus for Clearwater Paper Corporation remains on cost control, with projected annualized fixed cost reductions for 2025 exceeding the initial target, aiming for nearly $50 million in total savings. This cost discipline is necessary to maintain market share while navigating an industry environment where SBS continues to face excess supply.

• The company's Q3 2025 net sales were $399 million.
• The SG&A expense ratio for Q2 2025 was at the lower end of the targeted 6%-7% range.
• Available liquidity stood at $455 million as of Q3 2025.
• The net leverage ratio was reported at 2.7 times.

Finance: draft 13-week cash view by Friday.

Clearwater Paper Corporation (CLW) - Canvas Business Model: Cost Structure

You're looking at the cost side of Clearwater Paper Corporation's operations as of late 2025, and it's clear that scale comes with significant fixed obligations. The cost structure is dominated by the need to keep three large-scale paperboard mills running.

The company operates its Lewiston, Idaho, Cypress Bend, Arkansas, and Augusta, Georgia, mills, which together have an annual capacity of approximately 1.4 million tons of SBS and can produce around 1.4 million tons of pulp per year. Running this asset base means substantial fixed overhead, though Clearwater Paper has been aggressively tackling this. Management is targeting annualized run-rate cost savings of $40 million to $50 million by the end of 2025, having already slashed SG&A expenses to 6.7% of net sales in Q2 2025. For context, the annual SG&A Expense was $116.3M in 2024.

The variable costs, tied directly to production, are heavily influenced by inputs. Raw material costs are a major component, driven by:

• Wood fiber and wood pulp availability and cost.
• Chemicals required for the pulping and bleaching processes.
• Energy costs, which saw an expected increase of $4 million to $5 million in Q1 2025 alone.

These input costs are a constant pressure point, often offsetting gains from lower selling prices.

Maintenance is a scheduled, non-negotiable expense that hits the bottom line hard when it occurs. Major maintenance expenses are a significant, planned cash outflow. For 2025 planned outages, the total is around $40 million. For example, the major planned maintenance shutdown at the Lewiston, Idaho plant had a direct cost of approximately $24 million.

Here's a look at the major planned and ongoing capital commitments for 2025:

Cost Category	Projected/Actual 2025 Amount	Source Context
Total Capital Expenditures (CapEx)	$80 million to $90 million	Full-year forecast.
Annual Maintenance Spending Portion of CapEx	$70 million to $80 million	Included within the total CapEx forecast.
Emissions Control Device Capital Project (Augusta)	$45 million	Specific project cost reported in Q2 2025.
CUK Paperboard Capability Investment (Decision Expected)	Anticipated $50 million	Future investment for retrofitting an SBS machine.

The company is managing these costs while investing for the future; the total projected capital expenditures for 2025 are between $80 million to $90 million. This CapEx plan includes roughly $70 million to $80 million dedicated to annual maintenance spending plus project carryovers. Finance: draft 13-week cash view by Friday.

Clearwater Paper Corporation (CLW) - Canvas Business Model: Revenue Streams

Clearwater Paper Corporation's revenue streams are primarily anchored in its production and sale of paperboard products, with a significant focus on Solid Bleached Sulfate (SBS) paperboard. This core business forms the foundation of the company's top line.

As of November 2025, the Trailing Twelve-Month (TTM) revenue for Clearwater Paper Corporation stood at $1.55 billion. This figure reflects performance across the preceding four quarters leading up to that point in late 2025. Furthermore, the company's outlook for the full fiscal year 2025 projected total revenue to be in the range of $1.5 billion to $1.6 billion.

The company's revenue generation is heavily weighted toward its existing product lines, but strategic investments are being made to diversify and capture new revenue opportunities. Clearwater Paper Corporation is actively exploring expansion into new product lines, specifically mentioning Coated Unbleached Kraft (CUK) and Recycled Paperboard (CRB).

The push into CUK involves a potential capital project, estimated around $50 million, to retrofit an existing SBS machine, allowing the company to switch production between high-quality SBS and CUK based on market demand. This move is designed to better serve customers and optimize asset utilization, creating a new potential revenue stream as these capabilities come online, with production expected to start approximately 18 months after a final decision, which is anticipated by year-end 2025.

You can see a snapshot of recent sales performance below, which feeds into the TTM calculation:

Metric	Value (Q3 2025)	Comparison
Net Sales	$399 million	1% increase versus Q3 2024
Paperboard Shipments Volume	324,198 tons	3% increase compared to Q3 2024
Paperboard Average Net Selling Price	$1,160 per ton	3% decrease compared to Q3 2024

The revenue streams are further segmented by product focus, with the core business being:

• Sales of Solid Bleached Sulfate (SBS) paperboard, which makes up approximately half of the total paperboard market.
• Revenue growth from the Augusta acquisition, which contributed to Q2 2025 net sales.
• Revenue derived from the Foodservice business, which saw increased shipments in Q2 2025.

The company is also focused on capturing revenue from future product diversification:

• Expansion into CUK (unbleached paperboard) capability.
• Exploring entry into CRB (recycled paperboard), potentially via acquisition.
• Developing lightweight and compostable product offerings, though these are projected for 2026.

Finance: draft 13-week cash view by Friday.