Neenah Paper Completes Sale of Timberlands for C$82 Million

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Neenah Paper, Alpharetta, Ga., USA, this week reported that it has completed 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.