Alpharetta-based Neenah Paper Inc. has agreed to sell 475,000 acres of timberland in Nova Scotia, Canada, to Northern Pulp Nova Scotia for about $78.8 million.

The funds will be used to pay down debt, Neenah said in a news release. 

"With this transaction, we have successfully completed our strategy to exit pulp and transform into a larger, more global specialty and premium paper company," said Sean Erwin, Neenah's CEO, in a news release.

The land sale is expected to close by March 31, the company said. "With this sale, the company will have exited from all its Canadian operations," Neenah said.

Neenah has manufacturing plants in the U.S. and Germany. It makes premium paper used in filters, printing and as backing for industrial and consumer products.