Wausau Paper Corp · 8-K · For 7/6/05

Filed On 7/6/05 5:03pm ET   ·   SEC File 1-13923   ·   Accession Number 916480-5-106

Current Report   ·   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Wp Form 8-K                                            3     15K 
 2: EX-99.1     Wp Exhibit 99.1 - News Release                         2      9K 

8-K   ·   Wp Form 8-K
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549  

_________________________ 

FORM 8-K  

CURRENT REPORT  

Pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934  

_________________________ 

Date of Report (date of earliest event reported):  JULY 6, 2005 

WAUSAU PAPER CORP.  
(Exact name of registrant as specified in its charter)  

 WISCONSIN                  1-13923                   39-0690900
(State or other          (Commission File              (IRS Employer
jurisdiction of               Number)                 Identification
incorporation)                                            Number)   

100 PAPER PLACE 
MOSINEE, WI 54455-9099  
(Address of principal executive offices, including Zip Code)  

(715) 693-4470  
(Registrant's telephone number, including area code)  

 Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the 
following provisions:                                                           

 *  Written communications pursuant to Rule 425 under the Securities Act (17
CFR 23.425)                                                         

*  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 
CFR 240.14a-12)                                                     

*  Pre-commencement communications pursuant to Rule 14d-2(b) under the    
Exchange Act (17 CFR 240.14d-2(b))                                  
*  Pre-commencement communications pursuant to Rule 13e-4(c) under the    
Exchange Act (17 CFR 240.13e-4(c))                                  

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INFORMATION TO BE INCLUDED IN THE REPORT  

SECTION 2 - FINANCIAL INFORMATION                                               

ITEM 2.02.  COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES                   

 On July 6, 2005, the Company announced plans to permanently close the
sulfite pulp mill at its Brokaw, Wisconsin, papermaking facility.  Papermaking  
operations at the Central Wisconsin facility will be unaffected by the closure, 
as internally-generated sulfite pulp will be replaced by market pulp sourced    
from existing suppliers.  The plan to close the sulfite pulp mill was outlined  
to affected employees on July 6.                                                

    The closure, which is due to the pulp mill's high cost of operations and
capital investment requirements related to the unit's aging plant and           
equipment, is expected to take place by the end of 2005.  The closure of the    
sulfite pulp mill is expected to reduce the Company's average pre-tax cash cost 
of operations by approximately $4 million annually, with avoided capital        
investment adding another $4 million average annual benefit.                    

 In 2004, the pulp mill supplied 80,000 tons of pulp, or approximately
half of the fiber requirements necessary to operate Brokaw's four paper         
machines.  The shutdown will affect approximately 60 permanent jobs.            

   Pre-tax closure and operating charges over the most recent and the next
four quarters are estimated to be approximately $44 million, consisting         
primarily of non-cash charges related to the write-down of long-lived assets    
and inventories.  The charges also include one-time termination benefits and    
other associated costs.  Pre-tax closure charges of approximately $9 million,   
$23 million, and $11 million are expected in the second, third, and fourth      
quarters of 2005, respectively.  The Company expects that the remaining pre-tax 
closure costs of approximately $1 million will be incurred during the first two 
quarters of 2006.                                                               

   The estimated costs to be incurred by the Company include approximately
$33 million in accelerated depreciation charges through the anticipated closure 
date, $6 million related to the write-down of pulpwood and other inventories,   
$3 million in costs associated with the isolation of certain utility and other  
operations from the ongoing papermaking operations, $1 million in training and  
other employee-related costs, and $1 million in other related closure costs.    
The Company estimates that, net of amounts received from the liquidation of     
pulpwood inventories, cash needs to complete the closure will be minimal.       

 Including the $0.12 per share after-tax charge related to the sulfite
mill closure, the Company expects second quarter net losses of approximately    
$0.06 per share, which is consistent with the Company's earlier guidance for    
the second quarter.                                                             

FORWARD LOOKING STATEMENTS                                                      

Statements concerning the Company's announced closure of the Brokaw 
sulfite pulp mill constitute forward-looking information regarding the Company  
pursuant to the safe-harbor provisions of the Private Securities Litigation     
Reform Act of 1995.  While the Company believes that these forward-looking      
statements are based on reasonable assumptions, such statements are not         
guarantees of future performance, and all such statements involve risk and      

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uncertainties that could cause actual results to differ materially from those   
contemplated in this report.  The assumptions, risks, and uncertainties         
relating to the forward-looking statements in this report include general       
economic and business conditions, changes in the prices and supply of raw       
materials or energy, competitive pricing in the markets served by the Company   
as a result of economic conditions, overcapacity in the industry and the demand 
for paper products, manufacturing problems at Company facilities and various    
other risks and assumptions.  These and other assumptions, risks, and           
uncertainties are described under the caption "Cautionary Statement Regarding   
Forward-Looking Information" in Item 1 of the Company's Annual Report on Form   
10-K for the year ended December 31, 2004, and from time to time, in the        
Company's other filings with the Securities and Exchange Commission.  The       
Company assumes no obligation to update or supplement forward-looking           
statements that become untrue because of subsequent events.                     

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS                                   

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS                                   

Exhibit 99.1  News release dated July 6, 2005                       

SIGNATURES  

    Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the        
undersigned hereunto duly authorized.                                           

          WAUSAU PAPER CORP.

Date:  July 6, 2005                 By:    SCOTT P. DOESCHER                    
                       Scott P. Doescher
                                   Senior Vice President-Finance

EXHIBIT INDEX 
TO  
FORM 8-K  
OF  
WAUSAU-MOSINEE PAPER CORPORATION  
DATED JULY 6, 2005  
Pursuant to Section 102(d) of Regulation S-T  
(17 C.F.R. Section 232.102(d))  

99.1  NEWS RELEASE DATED JULY 6, 2005                                           

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 8-K Filing		Date		First		Last			Other Filings
		12/31/04		3					10-K, 11-K, 4
Filed On / Filed As Of / For The Period Ended		7/6/05		1		3			4
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