Wausau Paper 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."

The article Wausau to Sell Specialty Paper Business originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in Wausau Paper, and neither does The Motley Fool. 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.

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