Loading

58°F

58°F

57°F

55°F

57°F

55°F

57°F

64°F

57°F
NEWS STORIES

Wausau Paper Signs Agreement to SellSubmitted: 05/20/2013

Play Video
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.

Story By: WJFW News Team

Text Size: + Increase | Decrease -
 Print Story Print Story | Email Story Email Story
Sponsored in part by HodagSports.com





 IN OTHER NEWS
Trek Bicycles defends ad - GOP files complaintSubmitted: 07/22/2014

Play Video

MADISON -
A spokeswoman for Trek Bicycles says its full page newspaper advertisement complies with Wisconsin law and is constitutionally protected free speech.

The Wisconsin Republican Party on Tuesday filed a complaint with the state elections board saying the ad that ran Sunday in Madison and Milwaukee newspapers was an illegal campaign contribution to Democratic gubernatorial candidate Mary Burke.

Her father started Trek and she formerly worked for the company.

+ Read More
Sexual assault victim advocate responds to Tuesday's state Supreme Court rulingSubmitted: 07/22/2014

Play Video

RHINELANDER - The state Supreme Court made a ruling Tuesday that could impact what evidence can be used in rape cases.

It reversed the decision of a state appeals court in a 2011 case.

A defendant argued evidence of a previous consensual relationship with the victim should be allowed in court.

But the Supreme Court said evidence of a previous relationship falls under the state's rape shield law.

+ Read More
Woman, boy nearly drown in swimming accidentSubmitted: 07/22/2014

Play Video

STAR LAKE - Two people nearly drowned in Vilas County today. A boater pulled a 47-year-old woman and an 8-year-old boy out of the water after they started drowning in Star Lake.

The Vilas County Sheriff's Office believes both went under water during a rescue attempt.

+ Read More
Downed power line starts small fire near RhinelanderSubmitted: 07/22/2014

Play Video

RHINELANDER - Gusty winds forced a domino effect that caused a small fire south of Rhinelander Tuesday morning.

Winds blew over a tree, which sent a power line to the ground.

The electrical current started the fire.

It happened just before 11:00 on Hat Rapids Road near Highway 17.

Firefighters were glad the land nearby wasn't too dry with drought.

+ Read More
Gas station robbed in Stevens PointSubmitted: 07/22/2014

STEVENS POINT - Stevens Point police want to find the man who robbed a gas station last night.

A store employee told police a man came into the Southside B P on Church street just after 9:30 last night.

He demanded cash from the register.

No weapon was seen, but the man kept his hand in his pocket.

He escaped on foot with the money.

Police have not said exactly how much he got away with.

The Portage County K9 unit was brought in to try to track him.

The man is described as being six feet tall with short blond hair.

He was wearing a black hooded sweatshirt and sunglasses.

+ Read More
Wisconsin & Northwoods see home sales grow in June Submitted: 07/22/2014

ACROSS THE NORTHWOODS - Home sales across Wisconsin are up for the first time in 2014 compared to previous year statistics recorded by the Wisconsin Realtors Association.

A strong June for home sales could hint at good news for the rest of the year. Home sales statewide were up more than four percent compared to June 2013.

More than 600 homes were sold in Northern Wisconsin last month. Realtors like Bonnie Byrnes, Headwaters Real Estate, deal with water-front property in the Manitowish Waters area. She credits the second home market for some of the boost in northern numbers

+ Read More
College board looking for new-member for Board of Trustees Submitted: 07/22/2014

Play Video

RHINELANDER - The Nicolet College Board of Trustees hopes to fill an open seat.

State guidelines mean only a certain candidate can apply for fairness and equal representation.

Criteria for the open seat are that candidates must be female, considered a minority, reside in Oneida County or the portion of Langlade County in the Nicolet District, and meet the definition of an employee.

The new trustee will serve a term that expires June 30, 2015.

+ Read More
+ More General News
Search: 




Click Here