Wausau Paper Expands Share Repurchase Program
Mosinee, Wisconsin, USA, 12 February 2008 --(BUSINESS WIRE)-- Wausau Paper (NYSE:WPP) today announced its board of directors has authorized the repurchase of an additional 2,500,000 shares of the company's outstanding common stock over an indefinite period of time.
During 2007, the company repurchased 963,000 shares of common stock at an average price of USD 10.41. At 31 December 2007, the company had 543,000 shares remaining under a previous repurchase authorization.
"This authorization to extend our repurchase program underscores the financial strength of Wausau Paper," said Thomas J. Howatt, president and chief executive officer. "We continue to generate significant positive cash flow and believe it is prudent to use a portion of this cash to increase shareholder value through the repurchase of our stock. Moreover, the strength of our balance sheet allows us to pursue share repurchases while maintaining the flexibility to support strategic growth initiatives."
The authority to repurchase will be exercised from time to time, depending on market conditions in accordance with applicable securities law in open market or privately negotiated transactions. Wausau Paper has approximately 50 million shares of common stock outstanding.
About Wausau Paper:
Wausau Paper, with record revenues of more than USD 1.2 billion in fiscal 2007, produces and markets fine printing and writing papers, technical specialty papers, and "away-from-home" towel and tissue products. To learn more about Wausau Paper visit: www.wausaupaper.com.