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Wausau Paper-Rhinelander Mill Up For Sale
Late Friday Wausau Paper announced it's Rhinelander mill and the mill in Mosinee are up for sale...including a mill the company owns in Minnesota. Those three mills make paper used for packaging, the food industry, linings and masking tape.
No other details about the potential sale of the Rhinelander mill were made available by company officials.
Reports indicate about 520 workers are employed in Rhinelander and 400 in Mosinee.
The company issued a press release late Friday. The Wausau Daily Herald said company officials would not comment on the transactions. The press release said the company would focus on it's tissue production at a mill in Kentucky.
Last year the company closed it's Brokaw mill, idling 450 workers. The Wausau Daily Herald said a Manhattan-based hedge fund called Starboard Value, which bought up large chunks of the company’s stock in 2011 and advocated the Brokaw sale, also had been pressuring Wausau Paper’s board of directors to sell off the other three mills because the fund considered them to be underperforming assets.