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Wausau Paper (NYSE: WPP ) is soon to be one subsidiary lighter. The company announced it has reached agreement to sell its specialty paper division in a sale that will net it around $110 million. The buyer is Expera Specialty Solutions, a new entity sponsored by private equity firm KPS Capital Partners.
Expera will also include Thilmany, a similar business unit KPS has agreed to purchase from the privately held firm Packaging Dynamics.
Wausau quoted its CEO Hank Newell as saying of the deal that it "accomplishes all of our key objectives: divesting our paper business in a way that creates value for our shareholders, creating a specialty business under new ownership with the scale and product breadth to compete globally, and narrowing our focus to accelerating growth in our tissue business."