Clearwater Paper Corporation (CLW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la fabrication de papier, Clearwater Paper Corporation (CLW) se distingue comme une puissance stratégique, transformant la fibre de bois brute en produits essentiels qui touchent notre vie quotidienne. Des papiers de tissus mous aux solutions industrielles spécialisées, cette entreprise innovante a méticuleusement conçu un modèle commercial qui équilibre l'efficacité opérationnelle, la durabilité et la réactivité du marché. En tirant parti des capacités de fabrication avancées, des partenariats stratégiques et un portefeuille de produits diversifié, Clearwater Paper montre comment une industrie traditionnelle peut innover et prospérer sur un marché mondial concurrentiel.

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques de fibres de bois et de pâte

Le papier Clearwater s'approvisionne en fibre de bois de plusieurs fournisseurs à travers les États-Unis. En 2022, la société a acheté environ 1,3 million de tonnes de fibres de bois par an.

Catégorie des fournisseurs	Volume annuel des fibres de bois (tonnes)	Région géographique
Pacific Northwest Timber Companies	650,000	Washington, Oregon
Fournisseurs du bois du Sud	450,000	Géorgie, Alabama
Fournisseurs de fibres de bois canadiennes	200,000	Colombie-Britannique

Distributeurs de papier et grossistes

Clearwater Paper maintient des partenariats avec les principaux distributeurs de documents nationaux et régionaux.

• Veritiv Corporation
• Papier Midland
• XPEDX (Division de distribution de l'International Paper)
• Distributeurs régionaux de papier indépendant

Sociétés de transport et de logistique

L'entreprise utilise plusieurs partenaires de transport pour la distribution des produits.

Partenaire de logistique	Volume de transport annuel	Itinéraires primaires
J.B. Hunt Transport Services	35% de la logistique totale	Occidental des États-Unis
Freight UPS	25% de la logistique totale	Couverture nationale
Werner Enterprises	20% de la logistique totale	Midwest et Southern Routes

Fabricants d'équipement pour la production de papier

Clearwater Paper investit dans des équipements de fabrication avancés de fournisseurs spécialisés.

• Valmet Corporation (Finlande) - équipement de machine papier
• Andritz AG (Autriche) - Technologie de traitement de la pulpe
• Voith Group (Allemagne) - Machinerie de papier papillon

Organisations de gestion forestière durable

Clearwater Paper collabore avec des organisations de certification et de foresterie durable.

• Initiative forestière durable (SFI)
• Forest Stewardship Council (FSC)
• Système de ferme arborescence américaine

En 2022, les dépenses totales de l'achat et de la logistique liées à la partenariat de Clearwater Paper étaient d'environ 215 millions de dollars, ce qui représente 22% des coûts opérationnels totaux de la société.

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: activités clés

Fabrication de tissus et de produits à base de fibres

Capacité de production annuelle de 920 000 tonnes de carton et 410 000 tonnes de produits tissulaires en 2023.

Catégorie de produits	Volume de production annuel	Installations de fabrication
Tissu de consommation	260 000 tonnes	Lewiston, ID
Tissu à l'extérieur	150 000 tonnes	Las Vegas, NV
Carton	920 000 tonnes	Richland, WA

Production de papier et conversion

Capacité de conversion annuelle totale de 280 000 tonnes sur plusieurs lignes de production.

• Technologie de conversion avancée pour les produits de tissu et de papier
• Plusieurs emplacements de fabrication aux États-Unis
• Processus de production intégré de la pulpe au produit fini

Recherche et développement de solutions papier innovantes

Investissement en R&D de 12,3 millions de dollars au cours de l'exercice 2022.

Zone de focus R&D	Pourcentage d'investissement
Développement de produits durables	45%
Améliorations de l'efficacité du processus	35%
Innovation de nouveaux produits	20%

Gestion durable des ressources

Couverture de certification forestière de 100% par le biais du programme Initiative forestier durable (SFI).

• Source des fibres à partir de forêts certifiées durables
• Programmes de recyclage et de conservation de l'eau
• Initiatives d'efficacité énergétique dans les processus de fabrication

Contrôle de la qualité et tests de produits

Budget de contrôle de la qualité de 8,7 millions de dollars en 2022.

Catégorie de test	Fréquence de test annuelle
Test de matières premières	12 000 tests
Tests de performances du produit	8 500 tests
Test de conformité environnementale	4 200 tests

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Clearwater Paper exploite plusieurs installations de fabrication à travers les États-Unis, notamment:

Emplacement	Type d'installation	Capacité de production
Lewiston, Idaho	Pulp et papeterie	330 000 tonnes par an
Las Vegas, Nevada	Fabrication de produits de consommation	42 000 tonnes par an
Shelley, Idaho	Fabrication de tissus	60 000 tonnes par an

Grande chaîne d'approvisionnement en fibre de bois et en bois

Attribution des ressources en bois:

• Procurement annuel des fibres de bois: 1,2 million de tonnes
• Provenant principalement de programmes de gestion des forêts durables
• Les sources de fibres comprennent les régions du Pacifique Nord-Ouest et Intermountain

Expertise technique en production papier

Investissement de recherche et développement:

Année	Dépenses de R&D
2022	4,2 millions de dollars
2023	4,5 millions de dollars

Machines et équipements spécialisés

Investissements clés de l'équipement:

• Machines de conversion des tissus avancés
• Équipement de plipage à haute efficacité
• Systèmes d'emballage automatisés

Main-d'œuvre qualifiée

Composition de la main-d'œuvre:

Catégorie	Nombre d'employés
Total des employés	2,800
Fabrication de travailleurs	2,300
Personnel technique et technique	350
Gestion	150

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: propositions de valeur

Produits de papier et de tissu de haute qualité

Clearwater Paper Corporation produit environ 1,2 million de tonnes de papier et de produits tissulaires par an. Les gammes de produits de l'entreprise comprennent:

Catégorie de produits	Volume de production annuel	Part de marché
Tissus	750 000 tonnes	8.5%
Carton de produits	450 000 tonnes	6.2%

Fabrication durable et respectueuse de l'environnement

Métriques de la durabilité environnementale:

• Réduction de la consommation d'eau de 22% dans les processus de fabrication
• 85% des fibres de bois proviennent de forêts certifiées durables
• Mise en œuvre des stratégies de réduction du carbone réduisant les émissions de 15% depuis 2020

Portfolio de produits diversifié

Segment de marché	Types de produits	Contribution des revenus
Produits de consommation	Tissue de salle de bain, serviettes en papier	42% des revenus totaux
À l'extérieur	Tissu commercial, essuie-glaces	33% des revenus totaux
Conditionnement	Carton de produits	25% des revenus totaux

Fiabilité et performance des produits

Métriques de contrôle de la qualité:

• Taux de cohérence des produits à 99,7%
• Moins de 0,03% du taux de défaut du produit
• Processus de fabrication certifiés ISO 9001: 2015

Solutions personnalisées

Capacités de développement de produits personnalisées:

• Plus de 50 configurations de produits uniques disponibles
• Prototypage rapide Rendre des 4 à 6 semaines
• Équipe de R&D dédiée de 35 spécialistes

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients commerciaux

Clearwater Paper Corporation maintient des contrats stratégiques à long terme avec des clients commerciaux majeurs dans les industries des produits de consommation et de l'emballage. En 2023, la société a rapporté:

Type de contrat	Durée moyenne	Valeur du contrat annuel
Emballage des produits de consommation	3-5 ans	42,3 millions de dollars
Contrats de fabrication de tissus	4-6 ans	35,7 millions de dollars

Assistance technique et service client

L'entreprise fournit un soutien technique complet à travers:

• Hotline de support client 24/7
• Équipe de gestion des comptes dédiée
• Portail de ressources techniques en ligne

Métriques du service client pour 2023:

Métrique	Performance
Temps de réponse moyen	2,1 heures
Taux de satisfaction client	89.4%

Développement de produits collaboratifs

Clearwater Paper investit dans le développement de produits collaboratifs avec des clients clés:

• Projets de recherche et d'innovation conjoints
• Solutions d'emballage personnalisées
• Initiatives de développement de produits durables

Investissement en R&D dans la collaboration client: 4,2 millions de dollars en 2023

Gestion régulière des comptes

La société met en œuvre une approche de gestion des comptes structurés:

Niveau de compte	Fréquence d'engagement	Support dédié
Comptes stratégiques	Revues trimestrielles	Gestionnaire de compte dédié
Comptes clés	Revues bilinales	Équipe de compte partagé

Canaux de communication réactifs

L'infrastructure de communication comprend:

• Portail client numérique
• Système d'assistance par e-mail
• Support téléphonique
• Application mobile pour le suivi des commandes

Taux d'adoption de la communication numérique: 73% de la clientèle en 2023

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: canaux

Équipe de vente directe

Clearwater Paper Corporation conserve une force de vente dédiée de 87 représentants des ventes directes à partir de 2023 exercices. L'équipe de vente couvre plusieurs segments de marché, notamment:

• Division des produits de consommation
• Division de la pulpe et du carton
• Marchés de tissus des marchandises

Canal de vente	Contribution annuelle des revenus	Nombre de représentants
Produits de consommation Ventes directes	412,6 millions de dollars	42 représentants
Ventes de papier industriel	287,3 millions de dollars	35 représentants
Marchés du papier spécialisé	156,9 millions de dollars	10 représentants

Plateformes de commande en ligne

Les canaux de commande numériques génèrent 98,2 millions de dollars de revenus annuels pour le papier Clearwater. Les plateformes en ligne comprennent:

• Portail d'entreprise B2B
• Plateforme de libre-service client
• Systèmes de catalogue électronique

Salons et expositions commerciales de l'industrie

Clearwater Paper participe à 17 salons commerciaux de l'industrie chaque année, avec un investissement marketing estimé de 1,4 million de dollars. Les principales expositions comprennent:

• Conférence internationale de Tappi
• Exposition de papier et d'emballage
• Conférence du monde des tissus

Réseaux de distribution en gros

Les canaux de distribution de gros représentent 623,7 millions de dollars de revenus annuels. Le réseau de distribution comprend:

Canal de distribution	Volume des ventes annuelles	Nombre de distributeurs
Distributeurs de gros nationaux	412,3 millions de dollars	42 partenaires
Réseaux de gros régionaux	211,4 millions de dollars	23 partenaires

Marketing et communication numériques

Budget de marketing numérique: 3,7 millions de dollars en 2023. Les canaux de communication numérique comprennent:

• Site Web de l'entreprise
• Page d'entreprise LinkedIn
• Publicité numérique ciblée par l'industrie
• Envoyer des campagnes de marketing par e-mail

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: segments de clientèle

Utilisateurs de papier commercial et industriel

Depuis 2023, Clearwater Paper dessert les utilisateurs de documents commerciaux et industriels avec la rupture du segment de marché suivant:

Segment	Volume annuel	Contribution des revenus
Fabrication	347 500 tonnes	214,3 millions de dollars
Construction	129 600 tonnes	82,7 millions de dollars
Logistique	98 300 tonnes	61,5 millions de dollars

Consommateurs de produits de tissus de vente au détail

Le segment des tissus de détail de Clearwater Paper sert:

• Consommateurs de ménages
• Chaînes de détail
• Marchés en ligne

Canal	Part de marché	Ventes annuelles
Épiceries	42.5%	187,6 millions de dollars
Marchands de masse	33.2%	146,4 millions de dollars
Plateformes en ligne	12.3%	54,2 millions de dollars

Industries d'emballage et de conversion

Clearwater Paper fournit des matériaux d'emballage à:

• Fabricants d'emballages alimentaires
• Sociétés d'emballage de biens de consommation
• Fournisseurs d'emballages industriels

Segment de l'industrie	Volume annuel	Revenu
Emballage alimentaire	276 400 tonnes	172,3 millions de dollars
Biens de consommation	189 600 tonnes	118,5 millions de dollars
Emballage industriel	98 700 tonnes	61,4 millions de dollars

Acheteurs institutionnels

Clearwater Paper sert des clients institutionnels, notamment:

• Hôpitaux
• Écoles
• Installations gouvernementales
• Hôtels et secteur de l'hôtellerie

Segment institutionnel	Approvisionnement annuel	Volume des ventes
Soins de santé	62 500 tonnes	39,6 millions de dollars
Éducation	41 300 tonnes	26,2 millions de dollars
Gouvernement	29 800 tonnes	18,9 millions de dollars

ARMITÉS IMPRESSIONS ET PUBLICS

Le papier Clearwater fournit des produits en papier à:

• Éditeurs de livres
• Producteurs de magazines
• Sociétés de journaux
• Sociétés d'impression commerciale

Segment de publication	Consommation de papier annuelle	Revenu
Édition de livres	87 600 tonnes	54,7 millions de dollars
Production de magazines	53 200 tonnes	33,5 millions de dollars
Imprimerie de journaux	39 400 tonnes	24,8 millions de dollars

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2022, les coûts de matières premières de Clearwater Paper pour la production de pâte et de papier ont totalisé 1 024,7 million de dollars. L'approvisionnement en fibre de bois représentait environ 65% du total des dépenses de matières premières.

Catégorie de matières premières	Coût annuel (2022)	Pourcentage du total
Fibre de bois	666,05 millions de dollars	65%
Produits chimiques	256,18 millions de dollars	25%
Autres matériaux	102,47 millions de dollars	10%

Frais de fabrication et de production

Les dépenses de fabrication totales pour 2022 étaient de 512,4 millions de dollars, avec des investissements importants dans l'efficacité de la production.

• Coûts énergétiques: 124,3 millions de dollars
• Dépréciation des actifs de fabrication: 86,7 millions de dollars
• Offres de fabrication indirecte: 301,4 millions de dollars

Coûts de main-d'œuvre et de main-d'œuvre

En 2022, les frais de main-d'œuvre totaux de Clearwater Paper s'élevaient à 247,6 millions de dollars pour environ 2 700 employés.

Catégorie de main-d'œuvre	Coût annuel	Pourcentage du budget du travail
Travail direct	156,2 millions de dollars	63%
Travail indirect	68,5 millions de dollars	28%
Avantages et compensation	23,9 millions de dollars	9%

Entretien et mises à niveau de l'équipement

Les dépenses en capital pour 2022 étaient de 89,3 millions de dollars, axées sur la modernisation et la maintenance des équipements.

• Entretien préventif: 24,7 millions de dollars
• Mises à niveau des équipements majeurs: 45,6 millions de dollars
• Investissements technologiques: 19 millions de dollars

Transport et logistique

Les frais de logistique et de distribution pour 2022 ont totalisé 187,5 millions de dollars.

Catégorie de transport	Coût annuel	Pourcentage du budget logistique
Transport de camions	112,5 millions de dollars	60%
Transport ferroviaire	56,25 millions de dollars	30%
Autres dépenses logistiques	18,75 millions de dollars	10%

Clearwater Paper Corporation (CLW) - Modèle d'entreprise: Strots de revenus

Ventes de produits tissulaires

Revenus annuels des produits tissulaires: 1 021,7 millions de dollars (2022 Exercice)

Catégorie de produits	Revenus ($ m)	Part de marché
Tissu de consommation	612.3	8.5%
Tissu à l'extérieur	409.4	5.7%

Fabrication de produits en papier

Revenus de fabrication de produits en papier total: 456,2 millions de dollars (2022)

• Revenus d'emballage de carton: 287,5 millions de dollars
• Ventes de carton blanchi: 168,7 millions de dollars

Solutions de papier spécialisé

Revenus de segment de papier spécialisé: 213,6 millions de dollars (2022)

Type de papier spécialisé	Revenus ($ m)
Carton blanchi	129.4
Emballage spécialisé	84.2

Ventes de produits de la pulpe et des fibres

Revenu des produits de la pâte et des fibres: 187,3 millions de dollars (2022)

• Ventes de pâte de marché: 112,5 millions de dollars
• Ventes de produits à base de fibres: 74,8 millions de dollars

Contrats commerciaux et institutionnels

Revenus contractuels commerciaux: 342,9 millions de dollars (2022)

Type de contrat	Revenus ($ m)
Contrats d'approvisionnement institutionnels	214.6
Grands accords commerciaux	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.