Clearwater Paper Corporation (NYSE:CLW) will look for acquisitions. Arsen Kitch, President and Chief Executive Officer said, "Our top priority is sustaining the competitiveness of our assets. We believe that this requires an average of $60 million to $70 million annually, excluding large projects such as the recovery boiler work in Lewiston and the precipitator replacement in Arkansas.

Second, we intend to maintain a balance sheet that provides us with financial flexibility. We now have a much stronger balance sheet than we did a few years ago, and we intend to continue to maintain and improve our position. A strong balance sheet provides us with the capacity to take advantage of investment opportunities, including in the potential down cycle.

And finally, we will look at various opportunities to create value through return-generating investments, opportunistic acquisitions and returning capital to shareholders".