Loading
Search
NEWS STORIES

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

Wausau Paper Signs Agreement to Sell
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.

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





 IN OTHER NEWS

Play Video

MINOCQUA - Dozens of girls laced up their running shoes to hit the start line for the "Girls on the Run" community spring 5k Saturday in Minocqua.

Girls on the Run is an organization that helps young girls grow to be confident and healthy.

The 5K fun run is just one way to promote a healthy body image.

Girls on the Run Park Falls coach Katie Rybak said the run isn't about time or winners but to make sure everyone knows that they are capable of finishing.

+ Read More

MINOCQUA -
Update Friday 11:15 p.m.:

Police believe a missing woman who wandered off from her Minocqua resort walked nearly 20 miles before search crews found her.

The Minocqua Police Department reported late Friday night Susanne Meseberg was found safe at the North Trout Lake Campground near Boulder Junction around 9:45 p.m.

Meseberg, 68, walked away from her family at Beacons of Minocqua around 3:30 p.m.  Meseberg suffers from Alzheimer's.  A statewide Silver Alert notification went out several hours later.  Crews from 12 agencies helped with the search.

A press release from Minocqua Police Chief Dave Jaeger notes Meseberg was found at 9:47 p.m. at the campground, which is approximately 17 miles from her resort in Minocqua.  The release says Meseberg was reunited with her family after her discovery.


Jaeger thanked the Minocqua Fire Department, Newbold Search and Rescue, Arbor Vitae Rescue, Hazelhurst fire, the Oneida County Dive Team, Oneida County Sheriff's Office, Wisconsin DNR, Little Rice Canteen Unit, Oneida County Emergency Management, Vilas County Sheriff's Office, and Woodruff police for helping in the search.




Update Friday 9:55 p.m.:

Minocqua Police Chief Dave Jaeger reports the woman missing from her Lakeland area resort has been found safe.  

Susanne Meseberg, 68, walked off from her room at Beacons of Minoqua resort around 3:30 p.m. Friday.  Jaeger informed Newswatch 12 of finding Meseberg safe around 9:45 p.m.

The police department plans to release more details late Friday.




Police in the Lakeland area are searching for a woman with Alzheimer's Friday night.

The Minocqua Police Department reports Susanne Meseberg, 68, walked away from her room at The Beacons of Mincoqua around 3:30 Friday afternoon.  Meseberg is from Wausau.

+ Read More

Play Video

ST. GERMAIN - Looking around Kathy Lass's restaurant in St. Germain, it's pretty obvious why she and her husband named it the Wolf Pack CafĂ© 19 years ago. 

"We had a lot of artwork that had wolves on it, so it was a no-brainer," said Lass. "We took the pictures off the walls of our house and hung them in the café and decided the Wolf Pack Café was it."

That theme will carry over to the café's new sign.

+ Read More

Play Video

MINOCQUA - You probably wouldn't go into a bank where you weren't a member, but Associated Bank in Minocqua hopes anyone and everyone -- members or not -- stops by this month.

The bank wants to raise $1,500 for the Children's Miracle Network.  CMN helps cover medical costs for children in hospitals around the country.

+ Read More

EAGLE RIVER - Temperatures in the 70s and 80s mean it's time to get out on the water.

Maybe not for swimming just yet, but for boating. 

A new Your Boat Club location just opened this season in Minocqua. 

Your Boat Club lets you rent a boat for the day, or become a member and use a boat any time during the year.


+ Read More

Play Video

TOMAHAWK - An old school Tomahawk business didn't win Wisconsin's Main Street Makeover Contest. It could have received state money for remodeling. However, the owner says it's creating a prize of its own and moving forward with its makeover project. 

Doug Kirby has kept the Tomahawk community stitched and sewn together for the last 32 years.

"You have to change to survive in any business," said Kirby.

Kirby thought his Sew-N-Vac store in Tomahawk might win Wisconsin's Main Street Makeover Contest and help with its survival.

"The $10,000 grant would have been nice but we had planned to remodel anyhow," said Kirby.

Kirby's store didn't make it to the final round of the contest.However, that didn't stop him from moving forward with his $30,000 renovation project.

"We're enlarging areas that need to be enlarged like our classroom area," said Kirby. 

+ Read More

RHINELANDER - Temperatures outside might feel nice.

But inside your vehicle, the heat can get downright dangerous.

+ Read More
+ More General News
Search: 





Click Here