MOSINEE, Wis. (WSAU) – Wausau Paper has wrapped up the sale of its premium print and color brand division to Neenah Paper.

The Mosinee-based papermaker said late Tuesday that it had received a $21 million cash payment for the brands and some related manufacturing equipment.

The sale marked the first step toward Wausau Paper's decision to close its Brokaw paper mill. The mill will close by the end of March though the company will begin laying off 450 employees on February 13th.

Wausau Paper will release its fourth-quarter earnings report Monday night.