Neenah Paper Completes Sale of Timberlands
Alpharetta, Georgia-based Neenah Paper announced the completion of the previously announced sale of its remaining 475,000 acres of timberlands in Nova Scotia for C$82.5 million to Northern Pulp Nova Scotia, through its 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 non-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.
Forward-looking statements in this release are only predictions and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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