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Wausau Paper (NYSE: WPP), Mosinee, WI, has agreed to sell its specialty paper business to a new company (NewCo) for $130 million. NewCo will be formed and controlled by investment funds from KPS Capital Partners L.P., a New York-based private equity firm.
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KPS plans to acquire another company and combine it with the specialty paper business within the new company. NewCo will acquire the assets of Wausau’s Rhinelander and Mosinee mills. The assets of Wausau’s Brainerd mill are not included in the transaction.
Hank Newell, president and CEO of Wausau Paper, said the divestiture allows Wausau to narrow its focus on its Tissue business.
The transaction is expected to close in the second quarter.