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NEWS STORIES

Wausau Paper Signs Agreement to SellSubmitted: 05/20/2013
Story By WJFW News Team

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RHINELANDER - Wausau Paper today announced that it has signed a definitive agreement to sell its specialty paper business to a new company sponsored by KPS Capital Partners L.P. ("KPS"), a New York-based private equity firm with significant experience in the paper industry.

The new company will be known as Expera Specialty Solutions, LLC ("Expera").

KPS, as previously announced, has also entered into a definitive agreement to acquire the specialty paper business of Packaging Dynamics Corporation

("Thilmany"), which operates paper mills in De Pere and Kaukauna, Wisconsin.

Expera will combine the Thilmany business with Wausau Paper's specialty paper business to create a leading North American manufacturer of specialty paper products for the food packaging, industrial, and pressure-sensitive release liner segments.

A collective bargaining agreement covering employees at the Mosinee, Rhinelander, and Kaukauna facilities has been negotiated and ratified.

The collective bargaining agreement and the Thilmany acquisition agreement were both conditions to Wausau Paper entering into its agreement with KPS.

Key highlights of the transaction are as follows:

The transaction will result in net cash proceeds to Wausau Paper of approximately $110 million after settlement of transaction-related liabilities, transaction costs and taxes.

Expera will acquire the assets of Wausau Paper's Rhinelander and Mosinee mills; the assets of the company's Brainerd mill are not included in the transaction.

Wausau Paper will retain defined benefit pension and other post-retirement benefit obligations; however, effective with the closing of the transaction, approximately $41 million of future liability will be eliminated.

Wausau Paper will not hold any equity ownership in Expera.

Wausau Paper will have the opportunity to receive a contingent payment that would be equal to what the holder of a 5% equity interest in Expera would receive if certain performance thresholds and KPS liquidity events occur.

Hank Newell, president and CEO of Wausau Paper, commented, "This transaction accomplishes all of our key objectives: divesting our paper business in a way that creates value for our shareholders, creating a specialty business under new ownership with the scale and product breadth to compete globally, and narrowing our focus to accelerating growth in our tissue business."

The transaction has received required regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act. Other customary conditions to closing, including third party financing, remain.

The Wausau Paper sale to Expera is also conditioned upon Expera completing the acquisition of the Thilmany business.

While the company expects to finalize the transaction in the second or third quarter of 2013, there can be no certainty or assurance about the timing or completion of a transaction.

Mesirow Financial, Inc. and Ruder Ware, L.L.S.C. have been the financial and legal advisors to Wausau Paper.

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 IN OTHER NEWS
Off-duty bouncer severely beaten in MadisonSubmitted: 12/20/2014

MADISON - An off-duty bouncer at a Madison bar has severe injuries after he was beaten by two customers.

Police say the 21-year-old bouncer at The City Bar was entering the men's restroom early Saturday when he saw two men with a white powdery substance. Police say one of the men ingested the substance.

The bouncer told the men he was going to notify a manager, and he was attacked. The men left with three other males.

Police say the bouncer was taken to a hospital where he was treated for a broken nose, a fractured orbital socket and a facial laceration that required stitches.

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A federal judge in Madison uncorked same-sex marriage in June when she struck down the state's ban. Gay couples across the state rushed to wed over several days before opponents stopped it temporarily. Four months later, the U.S. Supreme Court re-started it when it rejected appeals from gay marriage opponents in five states including Wisconsin, and hundreds of couples rushed to courthouse to exercise their right to marry.

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Camp 10 Ski and Snowboard looking for new Ski Patrol membersSubmitted: 12/19/2014

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UPDATE: Great Lakes wolves back on the endangered species list, DNR: disappointed with wolf decisionSubmitted: 12/19/2014

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MADISON - Wisconsin wildlife officials say they're disappointed a federal judge has decided to place Great Lakes wolves back on the endangered species list.

U.S. District Judge Beryl Howell's order Friday affects Michigan, Minnesota and Wisconsin. The ruling bans further wolf hunting and trapping in those states.

Wisconsin Department of Natural Resources spokesman Bill Cosh issued a statement Friday evening saying the decision means the state can't authorize anyone to kill a wolf, even wolves discovered in the act of attacking a domestic animal. The statement also said the decision invalidates provisions in Wisconsin law allowing hunters to train dogs to track wolves.

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Students experience spirit of giving at Santa's WorkshopSubmitted: 12/19/2014

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They picked out their gifts on Friday.

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Eagle River Groomers prepare to groom snowmobile trails again Submitted: 12/19/2014

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You can tell Tom Tomlanovich loves his job.

"See how the trail is up here now?" Tomlanovich said.

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