Business
Neenah Paper Completes Sale of Timberlands for $140 Million
Neenah Paper Completes Sale of Timberlands for $140 Million.
About this update from Northpalm Capital Corp.
[{"type":"text","content":"\n\n\n\n\nALPHARETTA, Ga., June 30 /CNW/ -- Neenah Paper, Inc.\n(NYSE: NP) announced today it had completed the sale of approximately 500,000\nacres of timberlands in Nova Scotia for $140 million. The transaction is\nexpected to generate an after-tax book gain of approximately $80 million.\nTiming for recognition of the gain is currently being evaluated.\n\nAbout Neenah Paper, Inc.\nNeenah Paper manufactures and distributes a wide range of premium and\nspecialty paper grades, with well-known brands such as CLASSIC(R),\nENVIRONMENT(R), KIMDURA(R) and MUNISING LP(R). The company also produces and\nsells bleached pulp, primarily for use in the manufacture of tissue and\nwriting papers. Neenah Paper is based in Alpharetta, Georgia, and has\nmanufacturing operations in Wisconsin, Michigan and in the Canadian provinces\nof Ontario and Nova Scotia. Additional information about Neenah Paper can be\nfound at the company's web site at www.neenah.com.\n\n\n\n","length":1015,"tagName":"div"}]