A Hagerstown plant has changed hands as part of a deal by a Washington-based paper product manufacturer. The acquisition of Manchester Industries by Clearwater Paper Corp. (NYSE: CLW) is valued at nearly $70 million.
The transaction involves a total of five facilities, which employ 170 workers. The Economic Development Corp. of Wayne County’s website lists 29 employees at the Hagerstown plant. Clearwater Paper Chief Executive Officer Linda Massman says "Manchester Industries offers an excellent range of converting services that include custom sheeting, slitting, and cutting. These five plants are expected to be a valuable asset for Clearwater Paper as we look to extend our reach and service platform to the small and mid-sized folding carton plants. On behalf of Clearwater Paper, we welcome Manchester Industries employees to our team."
PaperWorks Industries is the previous owner of Manchester Industries, which serves a supplier of private label paper tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores.