On Thursday, Neenah Paper (NYSE:NP) announced that it has completed its purchase of certain premium business paper brands from the Southworth Company -- including the Southworth brand itself.

Financial terms of the purchase were not disclosed, but Neenah did advise in a press release that the brands' combined annual sales approximate $20 million. The company further noted that the brands of paper it is purchasing are retailed at major customers, including Staples (NASDAQ:SPLS), Office Depot (NASDAQ:ODP), Office Max (NYSE:OMX), and Walmart (NYSE:WMT).

Neenah's Fine Paper division, into which these products will be incorporated, is the smaller of the company's two divisions, but by far the more profitable. In fiscal 2011, the most recent period for which complete data is available, the division earned 14.4% pre-tax margins on $275 million in revenues.

Neenah Paper shares closed at $30.94 Thursday, up 2.8%, ahead of the news.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Staples. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.