Neenah Paper Completes Purchase of Fox River Paper

    ALPHARETTA, GA, March 1 /CNW/ - (NYSE:   NP) - Neenah Paper, Inc. today
announced that it completed the previously announced purchase of Fox Valley
Corporation, which owns Fox River Paper Company, LLC ("Fox River"). Fox River
is a leading U.S. producer of premium fine papers with well-known brands
including STARWHITE(R), SUNDANCE(R), ESSE(R) and OXFORD(R). The company has
manufacturing plants in California, Massachusetts, Ohio and Wisconsin and will
become part of Neenah Paper's existing fine paper business.
    "This acquisition allows us to strengthen our Fine Paper business by
providing added scale and the ability to offer a broader array of premium
branded products and better service to our customers. In addition, we expect
to realize important economic benefits as we integrate the two businesses,"
said Sean Erwin, Chief Executive Officer and Chairman of the Board. "Coupled
with our purchase last October of the German technical products business, this
acquisition is a wonderful fit with our strategy to transform into a leading
premium fine paper and technical products company and to grow profitably to
create value for our customers and stakeholders."
    Additional details of the transaction will be discussed during the
previously announced Fourth Quarter Earnings Call to be held at 11:00 a.m.
Eastern time on March 8 and can also be found in the company's 8-K filings.

    About Neenah Paper, Inc.

    Neenah Paper manufactures and distributes a wide range of premium and
specialty paper grades, with well-known brands such as CLASSIC(R),
Gessner(R) and varitess(R). The company also produces and sells bleached pulp,
primarily for use in the manufacture of tissue and writing papers. Neenah
Paper is based in Alpharetta, Georgia, and has paper manufacturing operations
in the United States and Germany, and a pulp mill and related timberlands in
Nova Scotia, Canada. Additional information about Neenah Paper can be found at
the company's web site at

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 27A of the Securities Act of 1933 (the
"Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the
"PSLRA"), or in releases made by the Securities and Exchange Commission, all
as may be amended from time to time. Statements contained in this press
release that are not historical facts may be forward-looking statements within
the meaning of the PSLRA. Any such forward-looking statements reflect our
beliefs and assumptions and are based on information currently available to us
and are subject to risks and uncertainties that could cause actual results to
differ materially including, but not limited to, changes in U.S./Canadian
dollar, U.S./Euro and other currency exchange rates, changes in pulp prices,
the cost or availability of raw materials, unanticipated expenditures related
to the cost of compliance with environmental and other governmental
regulations, the ability of the company to realize anticipated cost savings,
and the successful integrations of the former Fox River business and Neenah
Germany operations. Forward-looking statements are only predictions and
involve known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements, or industry results, to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. We undertake no
obligation to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise.  These cautionary
statements are being made pursuant to the Securities Act, the Exchange Act and
the PSLRA with the intention of obtaining the benefits of the "safe harbor"
provisions of such laws. Neenah Paper, Inc. cautions investors that any
forward-looking statements we make are not guarantees or indicative of future

For further information:

For further information: Bill McCarthy, Vice President, Financial
Analysis and Investor Relations of Neenah Paper, Inc., +1-678-518-3278, Web

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