Clearwater Paper is a pure-play manufacturer of Solid Bleached Sulfate (SBS) paperboard, selling exclusively to independent converters and commercial printers across North America. SBS is a premium paperboard grade made from virgin wood fiber that produces a bright, clean surface suited for high-quality printing. Clearwater's paperboard is used primarily in two end markets: folding carton packaging for pharmaceuticals, cosmetics, and other premium consumer goods, and food service products including cups, liquid cartons, and paper plates. Clearwater operates three SBS mills — in Lewiston, Idaho; Cypress Bend, Arkansas; and Augusta, Georgia — with roughly 1.3 million tons of annual capacity. The company's core value proposition is its independence: because Clearwater does not own converting operations, it never competes with its own customers, which it argues gives it a structural advantage over vertically integrated rivals. Revenue is driven by shipment volume and price per ton, with roughly half of contracts benchmarked to RISI SBS price indices. The cost structure is largely fixed, making utilization rate a critical margin driver. Clearwater is expanding its product portfolio through VOLURA, a lightweight board designed to compete with Folding Boxboard, and is evaluating adding CUK production capability at Cypress Bend and acquiring recycled paperboard capacity. The company divested its private label tissue business to Sofidel in late 2024, completing its transformation into a pure-play paperboard business.