Improved Balance Sheet ResilienceLeverage has come down versus earlier years, with equity expanding and net debt materially reduced since independence. A more resilient balance sheet increases the company’s ability to withstand cyclical paper-market downturns, fund strategic capex, and maintain liquidity across a 2–6 month horizon and beyond.
High-return Strategic Investments (Eastover)Management is directing substantial capex to the Eastover project to expand capacity, improve mix and reduce unit costs. These capacity and efficiency gains are structured to lift long-term margins and are expected to underpin >$300M annual free cash flow and >15% ROIC once fully ramped, improving durable cash generation.
Strong Execution Track Record Since IndependenceSince separating, the company has delivered sizable EBITDA, generated substantial free cash flow, reduced debt and returned capital to shareholders. This operational and capital-allocation track record indicates management can execute cyclical turnarounds and large projects, supporting sustained recovery when markets normalize.