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News Breaks | | | | February 21, 2013 | | 17:02 EDT |  | WPP | Wausau Paper to close Minnesota Mill, cut 130 jobs, take $47M charge
Wausau Paper announced the closure of the company's technical specialty paper mill in Brainerd, Minnesota, to occur early in Q2. The closure will affect approximately 130 employees. Pre-tax closure charges are estimated to be $47M, with non-cash charges, primarily related to the write-down of long-lived assets, accounting for approximately $44M of the total. Q1, pre-tax closure charges of approximately $36M are expected with the remaining charges occurring over the balance of 2013. After considering income tax liabilities and the anticipated reduction in working capital, the cash impact of the closure is expected to be neutral on a cumulative basis. | |
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| May 20, 2013 | | 18:44 EDT | | WPP | Wausau divestiture of specialty paper business expected to close in Q2 or Q3
| | | 17:03 EDT | | WPP | Wausau Paper agrees to divest specialty paper business for about $110M
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