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NEWS RELEASE For immediate release KP KP Tissue Releases Fourth Quarter and Full Year 2020 Financial Results Strong Revenue , Successful TAD Sherbrooke Start - up Mississauga ( ON ) , March 11 , 2021 - KP Tissue Inc. ( KPT ) ( TSX : KPT ) reports the Q4 2020 and full year 2020 financial and operational results of KPT and Kruger Products L.P. ( KPLP ) . Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market ( Cashmere , Purex , Sponge Towels , Scotties , and White Swan ) and the Away - From- Home ( AFH ) market , and continues to expand in the U.S. Consumer market with the White CloudⓇ brand and premium private label products . KPT currently holds a 14.7 % interest in KPLP . KPLP Q4 2020 Business and Financial Highlights • • Revenue was $ 385.0 million in Q4 2020 compared to $ 348.1 million in Q4 2019 , an increase of $ 36.9 million or 10.6 % . Adjusted EBITDA was $ 36.2 million in Q4 2020 , including $ 4.5 million of TAD Sherbrooke start - up costs , compared to $ 46.0 million in Q4 2019 , a decrease of 21.3 % . Successful start - up of new TAD Sherbrooke paper machine , project completed on time and on budget . • Announced the $ 240 million Sherbrooke Expansion Project . • Declared a quarterly dividend of $ 0.18 per share to be paid on April 15 , 2021 . KPLP Full Year 2020 Business and Financial Highlights • • Revenue was $ 1,516.0 million in 2020 compared to $ 1,357.2 million excluding the divested Mexico business in 2019 , an increase of $ 158.8 million or 11.7 % . Adjusted EBITDA was $ 197.8 million in 2020 , up from $ 145.0 million in 2019 , an increase of 36.4 % . " The year 2020 brought more than its share of challenges along with unprecedented market conditions that our team successfully tackled . Strong demand across all consumer product categories and market share momentum translated into a record high Adjusted EBITDA , while the Away - From - Home segment remained under pressure from the impact of COVID - 19 . Revenues increased a solid 11.7 % to just over $ 1.5 billion while Adjusted EBITDA increased significantly by 36.4 % to $ 197.8 million , ” stated KP Tissue Chief Executive Officer , Dino Bianco . " Under the most challenging circumstances , our team did amazing work completing TAD Sherbrooke on time and on budget . Production on the new TAD paper machine has commenced and , at this stage , is tracking ahead of the ramp - up curve . To further support our North American footprint and consumer demand , we recently announced a new $ 240 million investment at our Sherbrooke site . A new facility will house a Light - Dry - Crepe paper machine and facial tissue converting line while a new bathroom tissue converting line will be added to the existing TAD Sherbrooke facility . At maturity , the combined annual capacity of the two facilities will reach over 100,000 metric tonnes . " We completed the initial 2 - year phase of our OpEx program ahead of our annual cost saving targets . As indicated before , the program was instrumental in our ability to more effectively address strong market demand and volatility caused by the pandemic . Among the longer - term benefits , this program fosters a culture shift with a higher - level of employee engagement towards operational excellence . " In 2021 , we look forward to leveraging TAD Sherbrooke to further support our North American customers . We are closely monitoring the unprecedented increase in pulp prices and developing action plans to address . Finally , we will be continuing further investments in our brands , and leveraging our innovation and marketing strategy to reinforce our leadership position , " concluded Mr. Bianco . Outlook for Q1 2021 Demand for our products is expected to remain healthy and more stable in the Consumer segment . The AFH segment will however continue to see suppressed demand due to COVID - 19 restrictions . For Q1 2021 , with increased investments in