MOSINEE, WI (WSAU) - It’s official. Wausau Paper signed a definitive agreement Monday selling their specialty paper business to a new company sponsored by KPS Capital Partners. The new company is Expera Specialty Solutions, and will acquire the Mosinee and Rhinelander mills from Wausau Paper plus the Packaging Dynamics Corporation, or Thilmany mills in De Pere and Kaukauna.
The new collective bargaining agreement for Mosinee, Rhinelander, and Kaukauna has been ratified, allowing the purchase to be completed.
Wausau Paper will get about 110 million dollars after taxes and expenses. Wausau Paper will not hold any equity ownership in Expera, but there is an opportunity to receive contingent payments equal to a 5% equity interest if Expera reaches certain performance goals.