Mar 12, 2010. /Lesprom Network/. Neenah Paper, Inc. had completed the previously announced sale of its remaining 475,000 acres of timberlands in Nova Scotia for C$82.5 million ($81 million) to Northern Pulp Nova Scotia, through their affiliate, Northern Timber Nova Scotia. Cash received at closing was used to reduce debt, company said in a statement received by Lesprom Network. A pre-tax book gain on the sale of approximately $75 million will be recognized in the 1Q as well as a non-cash gain of $88 million for the reclassification of deferred foreign currency translation gains from accumulated other comprehensive income. Both of these gains will be recorded as income from Discontinued Operations. Neenah Paper is a leading global manufacturer of premium, performance- based papers and specialty products.