Wausau Paper finds buyers for timberlands
MOSINEE, Wis.—Wausau Paper has reached a deal to sell its remaining timberland in northern Wisconsin for $42.9 million.
The company says two companies-- The Lyme Timber Co. and The Forestland Group -- will buy a total of about 80,200 acres from Wausau Paper. Both deals are expected to be finalized by the end of the year.
The Lyme Timber Co., based in Hanover, N.H., agreed to buy 72,800 acres. The Forestland Group, headquartered in Chapel Hill, N.C., bought the remaining 7,400 acres. Both companies manage timberland throughout the U.S.
The Mosinee-based papermaker announced plans to sell its remaining timberlands this fall.
According to the Wausau Daily Herald ( http://wdhne.ws/tfOjtt), Wausau Paper CEO Tom Howatt says the sale will provide the company with funds to finance an expansion of its tissue division in Kentucky.
Information from: Wausau Daily Herald, http://www.wausaudailyherald.com