By Joel Dresang
Milwaukee Journal Sentinel
NewPage Corp. expects to incur charges of up to $40 million for the closure of its paper mill in Kimberly, according to a filing Tuesday with the Securities and Exchange Commission.
In closing the mill at the end of this month and dislocating about 475 employees, NewPage said it expects to have about $25 million in severance and benefit costs for the employees, $5 million in unspecified exit costs and up to $10 million for writing off inventory.
NewPage said last week it would be closing the mill on short notice because of a drastic drop in demand for coated paper used in printing magazines and catalogs. NewPage also is closing a mill in Niagara, affecting about 319 workers there.
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