Wausau Paper completes sale of print and color papers division

Wausau Paper Corp. has completed a previously announced sale of its premium print and color papers brands to Neenah Paper Inc., according to a report in the Milwaukee Journal Sentinel.

The Mosinee-based paper maker, which has been pressured by its largest shareholder to restructure, reportedly received a cash payment of $21 million from Neenah Paper, which is based in Alpharetta, Ga., in exchange for paper brands made at its flagship mill in Brokaw, Wis., plus trademarks and manufacturing equipment.

The restructuring will effectively close the Brokaw mill, eliminating 450 jobs, but the company will continued to make food packaging, tissues, linings, and tape.