Hedge Fund Wants Spokane’s Clearwater Paper Sold in Parts

Hedge fund titan Steven A. Cohen wants the board of Clearwater Paper to separate the Spokane, WA-based company’s consumer products from its pulp and paper operations so either or both can be sold off, according to a regulatory filing Friday.

Clearwater calls itself the largest producer of tissue paper for private-label brands sold by grocery, drug, mass merchants and discount stores, and is a leading producer of bleached paperboard used in food packaging and commercial printing. It has 15 manufacturing plants in the United States and Canada, and reported second-quarter net income of $21.5 million on sales of $473 million.