Another major Wausau Paper shareholder is calling for reorganization of the company’s board of directors and is asking the board to hold management “accountable for serious execution missteps.”
MOSINEE, WI—Wausau Paper is selling its specialty paper business, plus paper mills in Mosinee and Rhinelander, to KPS Capital Partners for $130 million, the Green Bay Press Gazette reported. KPS is a New York-based private equity firm.
Wausau Paper is busy fending off the most high-profile hostile corporate battle Wisconsin has seen in years. Manhattan-based hedge fund Starboard Value LP acquired the largest single stake in Wausau in 2011 and since then has pressured the company to break itself up.
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MOSINEE, WI—Wausau Paper (WPP) announced the closure of the company’s technical specialty paper mill in Brainerd, MN, to occur early in the second quarter of 2013. The closure will affect approximately 130 employees.
“The acquisition of Wausau brands strengthens the breadth of our existing fine paper business with added scale in the marketplace, prospects for growth in new channels such as retail, and the opportunity to provide our customers with better service,” said Julie Schertell, president, Neenah Fine Paper.
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