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Contract paves way for Thilmany sale

7:30 PM, May 3, 2013  |  Comments
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PITTSBURGH - United Steelworkers members have ratified a new collective bargaining agreement that paves the way for creation of North America's largest specialty paper company.

Packaging Dynamics Corp. plans to sell its specialty paper division, Thilmany Papers, which has mills in Kaukauna and De Pere, employing a combined 800 workers, to New York-based private equity firm KPS Capital Partners. KPS plans to combine Thilmany's operations with the specialty paper business it will acquire from Wausau Paper Corp., which has mills in Rhinelander and Mosinee.

"The overwhelming vote makes a powerful statement about how our members are committed to ensuring the long-term viability of these plants," said Jon Geenen, Steelworkers international vice president.

The deal requires federal regulatory approval and likely won't close until mid-summer or early fall.

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