Neenah Paper, Inc. (NYSE:NP), Alpharetta, GA, has purchased certain premium print and color brands and other assets from Wausau Paper Corp., Mosinee, WI, for a cash payment of $21 million.

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The transaction also includes a supply agreement under which Wausau will manufacture and supply certain products to Neenah Paper during a transition period.

Annual sales from the purchased brands are estimated to be approximately $100 million.

The transaction strengthens our leadership position in the premium papers market, while providing future growth opportunities in new channels such as retail,\” said Neenah CEO John O’Donnell. \”By leveraging our existing infrastructure to make and sell these profitable brands, this transaction will also create significant value for our shareholders.\”