| Neenah Paper Completes Sale of Timberlands to Northern Pulp Nova Scotia |
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Alpharetta, Gerogia, USA, 12 March 2010 -- /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) today announced it had completed the previously announced sale of its remaining 475,000 acres of timberlands in Nova Scotia, Canada, for CAD 82.5 million to Northern Pulp Nova Scotia, through their affiliate, Northern Timber Nova Scotia. Cash received at closing was used to reduce debt. A pre-tax book gain on the sale of approximately $75 million will be recognized in the first quarter as well as a no-cash gain of $88 million for the reclassification of deferred foreign currency translation gains from accumulated other comprehensive income. Both of these gains will be recorded as income from discontinued operations.
Neenah Paper is a leading global manufacturer of premium, performance- based papers and specialty products used in a variety of applications including filtration, printing and writing, and as backing and component materials for many specialized industrial and consumer applications. Based in Alpharetta, Georgia, the company has paper manufacturing operations in the United States and Germany. Additional information about Neenah Paper can be found at www.neenah.com.
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