On Monday, May 20, 2013, Wausau Paper announced that it has signed a
definitive agreement to sell its specialty paper business to a new company
sponsored by KPS Capital Partners L.P. (“KPS”), a New York-based private equity
firm with significant experience in the paper industry. The new company will be
known as Expera Specialty Solutions, LLC (“Expera”).
Expera will be North America’s leading specialty paper company. Expera will
focus solely on providing customized solutions in the non-commodity food,
industrial and release liner segments. Expera will employ approximately 1,800
employees at four owned manufacturing facilities in Rhinelander, Mosinee, De
Pere, and Kaukauna, Wisconsin. Expera will serve the needs of its customers
through the production of specialty papers from 16 paper machines and will serve
over 350 customers globally. Expera will have the combined knowledge and
expertise of Wausau Paper and Thilmany, built over their 130 year history in
specialty paper manufacturing. Expera will support and encourage Wausau Paper’s
and Thilmany’s already strong culture of innovation and dedication to new
product development. Expera represents a new era of expertise, experience, and
product diversity. It speaks to the continuous advancement, vast capabilities
and outstanding service customers can expect with the combination of the two
companies’ assets.
The transaction has received required regulatory approval under the
Hart-Scott-Rodino Antitrust Improvements Act. Other customary conditions to
closing, including third party financing, remain. The Wausau Paper sale to
Expera is also conditioned upon Expera completing the acquisition of the
Thilmany business. While Wausau Paper expects to finalize the transaction in the
second or third quarter of 2013, there can be no certainty or assurance about
the timing or completion of a transaction. Until the sale is finalized, Wausau
Paper and Thilmany will continue to operate as two, stand alone companies.
On behalf of our dedicated employees, we would like to thank you for your
business and continued support. The success of mills at Rhinelander and Mosinee
was built upon driving innovation and successfully collaborating with our
customers to introduce new products in the market place for over 110 years. As
the next chapter of our story continues, we look forward to providing you with
the same passion, energy, and dedication you have come to expect from us over
the past years. Please let us know if you have any questions.
