Mar 01, 2010. /Lesprom Network/. Neenah Paper, Inc. has signed a definitive agreement to sell its remaining 475,000 acres of timberlands in Nova Scotia for C$82.5 million to Northern Pulp Nova Scotia, through their affiliate, Northern Timber Nova Scotia. Neenah Paper will receive cash at the time of closing, which is expected to occur before March 31, 2010, company said in a press release received by Lesprom Network. Sean Erwin, CEO, said, "With this transaction, we have successfully completed our strategy to exit pulp and transform into a larger, more global specialty and premium paper company." Mr. Erwin continued, "This sale is the fourth and final transaction in this transformation, and we believe the approach we took to separate the sales of the timberlands from the pulp mills optimized the value we received for these assets. With this sale, ownership of the woodlands is again closely aligned with the pulp and forestry companies in Nova Scotia. Neenah Paper will use the proceeds to pay down debt, including a $40 million term loan that is part of our revolving credit facility, and this will result in an attractive and flexible capital structure going forward." Neenah Paper is a leading global manufacturer of premium, performance- based papers and specialty products.