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.
STEVENS POINT - A former Portage County doctor could go to prison for sexually assaulting his patients. Wilton Calderon pled guilty to three felonies Friday.
Calderon was a caregiver at the Plover Family Practice until leaving it in 2015. He then moved to Connecticut.
At least seven women accused Calderon of sexually assaulted them during appointments. Some patients said Calderon placed his genitals in their hands and performed unwanted gynecological exams by penetrating them with his fingers.
SUGAR CAMP - Update Feb. 17, 2017 10:20 p.m. -- The woman who runs an Oneida County animal rescue could face animal mistreatment charges.
Oneida County Deputies booked Stephanie Schneider on Thursday. She is due in court on Feb. 27.
Last week, deputies removed 39 dogs from Schneider's "It Matters to One" in Sugar Camp and put them at the Oneida County Humane Society.
Police are recommending charges to the district attorney, which include failing to provide food and water, mistreating animals, and obstructing officers.
People who know Schneider say they can't believe this is happening.
"I'm just heartsick about this, and I'm sick at heart for her," said LynnAnn Thomas, a Sugar Camp resident who says she's friends with Stephanie Schneider.
"Those are her children. She would never, ever , ever mistreat them," Thomas said.
But that's exactly what police believe Schneider did. Last week they removed the dogs from the facility after a weeks-long investigation that was prompted by complaints and concerns from several people.
"People that had worked or volunteered there were concerned about the conditions that the dogs were in and the fact that they were not receiving food or water," said Oneida County Sheriff's Capt. Terri Hook.
Those accusations baffle Thomas.
"I been over there several times, it's always been meticulously clean, happy dogs," Thomas said.
Thomas believes whatever condition the dogs were in, they came to Schneider that way.
"She does get some really, really, really desperate cases, and I imagine that they take a long time to heal," Thomas said.
Thomas added she got her own dog from It Matters To One a few years ago.
"I got my little Hankey, he came in in really bad shape, and she wouldn't let me have him until he was nursed back to health," Thomas said.
Since the dogs were removed, It Matters to One posted certificates of veterinary inspections on its Facebook page for most of the 39 dogs. The Sheriff's Office has seen those and is including them in its investigation, which is ongoing and may not end soon.
"Just to ensure that all the dogs are healed and make sure they've received all the care they need," Hook said.
Newswatch 12 has reached out to It Matters to One and has been communicating with the rescue via email.
The state Department of Agriculture Trade and Consumer Protection is helping the sheriff's office with its investigation and will decide if the rescue can keep its license.
Newswatch 12 also reached out to the veterinarian who conducted the inspections for the rescue, but has not yet heard back.
MADISON - A suspended University of Wisconsin-Madison student accused of sexually assaulting and harassing nearly a dozen women has pleaded not guilty to multiple charges.
Twenty-year-old Alec Cook faces a total of 21 counts, including strangulation, sexual assault, stalking and false imprisonment involving 10 women dating back to March 2015. Five of the charges are misdemeanors. The rest are felonies.
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