Neenah Paper Completes Purchase of Fox River Paper

Alpharetta, Georgia, USA, 01 March 2007 -- /PRNewswire/ -- Neenah Paper, Inc. (NYSE:NP) today announced that it completed the previously announced purchase of Fox Valley Corporation, which owns Fox River Paper Company, LLC. Fox River is a leading U.S. producer of premium fine papers. 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 08 March 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. 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 www.neenah.com.

Source: Neenah Paper, Inc.