SCHEDULE 14A
                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION

                    Proxy Statement Pursuant to Section 14(a)
             of the Securities Exchange Act of 1934 (Amendment No. )


Filed by the registrant / /

Filed by a party other than the registrant /X/

Check the appropriate box:

         / /      Preliminary Proxy Statement
         / /      Confidential,  for Use of the Commission Only (as permitted by
                  Rule 14a-6(e)2))
         / /      Definitive Proxy Statement
         / /      Definitive Additional Materials
         /X/      Soliciting Material Pursuant to Rule 14(a)-12


                               NASHUA CORPORATION
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                  (Name of Registrant as Specified in Charter)


                            NEWCASTLE PARTNERS, L.P.
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      (Name of Person(s) filing Proxy Statement, if other than Registrant)

         Payment of filing fee (check the appropriate box):
         /X/      No fee required.
         / /      Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
                  and 0-11.

         (1)      Title  of  each  class  of  securities  to  which  transaction
                  applies: Not applicable
- - --------------------------------------------------------------------------------

         (2)      Aggregate number of securities to which  transaction  applies:
                  Not applicable
- - --------------------------------------------------------------------------------

         (3)      Per  unit  price  or other  underlying  value  of  transaction
                  computed  pursuant  to  Exchange  Act Rule 0-11 (Set forth the
                  amount on which the filing fee is calculated  and state how it
                  was determined): Not applicable
- - --------------------------------------------------------------------------------

         (4)      Proposed   maximum   aggregate  value  of   transaction:   Not
                  applicable
- - --------------------------------------------------------------------------------

         (5)      Total fee paid: Not applicable
- - --------------------------------------------------------------------------------

         / /      Fee paid previously with preliminary materials.

         / /      Check  box if any part of the fee is  offset  as  provided  by
Exchange Act Rule  0-11(a)(2)  and identify the filing for which the  offsetting
fee was paid previously.  Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.

         (1)      Amount Previously Paid: Not applicable
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         (2)      Form, Schedule or Registration Statement no.: Not applicable
- - --------------------------------------------------------------------------------

         (3)      Filing Party: Not applicable
- - --------------------------------------------------------------------------------

         (4)      Date Filed: Not applicable





CONTACTS:
Mark E. Schwarz
Newcastle Partners, L.P.
(214) 559-7145
John A. (Pete) Bricker, Jr.
(214) 369-5004


              NEWCASTLE PARTNERS FORMS VALUE REALIZATION COMMITTEE
           ANNOUNCES NOMINEES FOR ELECTION TO NASHUA CORPORATION BOARD


Dallas, Texas, March 9, 2000....  Newcastle Partners,  L.P., Mark E. Schwarz and
John A. (Pete)  Bricker,  Jr.  announced  today they have  formed the  Newcastle
Partners' Value Realization  Committee for the purpose of electing four nominees
to the Board of Nashua Corporation (NYSE:NSH).

On February 24, 2000 the committee  notified Nashua of its nomination of Mark E.
Schwarz,  John A. (Pete) Bricker,  Jr., Dan E. Bruhl,  M.D. and Joseph A. Malick
for  election to  Nashua's  Board of  Directors.  As  Nashua's  Board  currently
comprises seven Directors,  the Value  Realization  Committee  Nominees will, if
elected, constitute a majority of the Board.

The Value Realization Committee is seeking control of Nashua's Board in order to
cause  the  company  to  conduct a  comprehensive  and  impartial  review of all
available options for realizing  increased value for  shareholders.  The company
currently has substantial excess cash and significant hidden asset values,  and,
in the opinion of the Committee,  is worth  substantially  more than its current
market price. Management has stated its intent to use the company's resources to
make a major  acquisition.  The Committee is concerned that this is not the best
option  for  realizing  increased  value  for  shareholders,   and  that  other,
potentially more attractive options have not been given due consideration.

The Value Realization  Committee  intends to make a preliminary  filing with the
SEC of proxy  materials  to be used to  solicit  votes for the  election  of its
nominees  at  Nashua's  Annual  Meeting  of  Shareholders,  which  is  currently
scheduled  for April 25. The  Committee  has retained  D.F.  King & Co., Inc. to
advise it in soliciting proxies for Nashua's annual meeting.

The Value Realization Committee strongly advises all Nashua shareholders to read
the proxy  statement  when it is  available  because it will  contain  important
information.  Such proxy  statement  will be available at no charge on the SEC's
web site at HTTP://WWW.SEC.GOV. The participants in any solicitation that may be
represented  by  the  attached  press  release  and  in  the  anticipated  proxy
solicitation are the Value Realization Committee, Newcastle Partners, L.P., Mark
E.  Schwarz,  John A. (Pete)  Bricker,  Jr.,  Dan E. Bruhl,  M.D.  and Joseph A.
Malick. In the aggregate, such parties beneficially own 110,300 shares of common
stock of Nashua, representing approximately 1.9% of


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the outstanding shares of common stock.  110,200 of such shares are beneficially
owned by Newcastle Partners,  L.P., of which Mr. Schwarz is the general partner.
Mr.  Schwarz  may be deemed to  beneficially  own the shares of common  stock of
Nashua beneficially owned by Newcastle Partners,  L.P. The remaining 100 of such
shares are beneficially owned by Mr. Bricker.


Newcastle Partners, L.P. is a private investment firm based in Dallas, Texas.
John A. (Pete) Bricker, Jr. is a private investor based in Dallas, Texas.


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