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.