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Investments Will Increase Release Liner Paper Capacity for Pressure Sensitive Markets

Verso Corporation (NYSE: VRS) has just announced that it will make strategic investments in its Androscoggin Mill in Jay, Maine, focused on technology upgrades that will increase the release liner paper capacity of its No. 4 paper machine. Made over the next 18 months, these investments will better position Verso to meet the growing needs of pressure sensitive laminators worldwide.

verso logo 2018"The Androscoggin Mill and its No. 4 paper machine have a rich history of manufacturing specialty products," said Verso's President of Graphic Papers Mike Weinhold. "When enhanced with these technology upgrades, the No. 4 paper machine's six-meter width, technical capabilities and fully integrated pulp platform will be particularly well suited to support the growing release liner market. Additionally, these investments advance Verso's strategy to reposition 100 percent of the Androscoggin Mill's production to serve specialty paper and packaging markets."

The investments will be spread across two project phases which include technology upgrades in pulping and refining systems, stock flow piping and paper winding capabilities. The first project phase is scheduled for completion in the third quarter of 2018 with completion of the second project phase expected in 2019.

Verso's release liner and pressure sensitive label paper portfolio includes over 60 highly engineered paper grades made across four Verso U.S. mills. Verso specialty papers are shipped worldwide and backed by an unmatched level of technical and customer service.

To learn more about Verso's specialty papers, please visit versoco.com/specialtypapers or email specialtypapers@versoco.com

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  • About

    About Verso

    Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com

Published in North American News

Verso Corporation's (NYSE: VRS) Stevens Point Mill in Wisconsin this month celebrates a century of excellence in making specialty papers. With a 100-year tradition of innovation, passion and customer commitment that continues today, the Stevens Point Mill is North America's largest state-of-the-art specialty paper mill with the capacity to produce 200,000 tons of high-performing specialty paper annually.

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"We are extremely proud of the generations of dedicated men and women whose papermaking expertise has made the Stevens Point Mill an industry leader over the past century," said Verso President of Graphic Papers Mike Weinhold. "As we celebrate the mill's 100-year anniversary, our Steven's Point team is more committed than ever to delivering the innovative products that help make our customers successful."

"Our mill's long-standing reputation for quality products, unmatched customer service, committed environmental stewardship and generous community involvement is a testament to the exceptional people who've worked here over the years," said Stevens Point Mill Manager Craig Helgeson. "I want to thank all of our team members, past and present, for their dedication to our mill, our customers and our neighbors."

On July 11, 1918, the Consolidated Water Power and Paper Company began construction of a hydroelectric plant and paper machine complex that produced its first ton of paper in 1919. The mill's two paper machines manufactured 15 tons of fruit wrap tissue, tissue paper, toweling and crepe paper per day, transitioning over the next few years to waxed bread wraps and high-grade crepe papers. When consumers moved away from paper bread wraps to plastic in the mid-1950s, the mill diversified its product line into flexible packaging papers with a focus on food packaging – a forward thinking decision that continues to benefit the mill and its customers decades later.

The mill invested over $300 million in the 1990s, increasing capacity to more than 480 tons per day and providing the opportunity to meet customer needs in additional markets such as thermally printed labels, wet strength beverage labels and release liner papers. Continuing investment and rapid innovation in the 2000s have resulted in exciting new customer partnerships and additional capacity, now at approximately 550 tons per day.  

"Verso's Stevens Point Mill was founded on hard work, integrity, innovation and a relentless drive to satisfy our customers," said Verso Vice President and General Manager of Specialty Papers Ed Buehler. "These values and ideals, combined with our state-of-the-art facility and unwavering commitment to excellence, continue to position the mill as a specialty papers leader among packaging converters and consumer brands nationwide and in more than 20 countries around the globe."

Additional Info

  • About

    About Verso

    Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com

Published in North American News

Verso Corporation (NYSE: VRS) and Sappi North America today praised the decision of a World Trade Organization (WTO) dispute settlement panel, which upheld the imposition of antidumping and countervailing duties on imports from Indonesia. The decision, released yesterday, confirms that the U.S. acted consistently with its WTO obligations when it imposed countervailing duties of 17.93 percent and antidumping duties of 20.13 percent.

verso logo 2018Yesterday's decision means that countervailing duties that were imposed in November 2010 on certain types of coated paper from Indonesia will remain in effect. The Department of Commerce and the International Trade Commission determined in 2016 that the market situation warranted the continuation of the duties for an additional 5-year period. The paper products covered by the petitions include certain types of coated paper that use sheet-fed presses with a GE brightness rating of 80 or higher and weighing up to 340 grams per square meter. The papers are used in commercial printing to create magazines, books, direct mailing, and corporate collateral.

Michael Weinhold, President of Graphic Papers at Verso Corporation said, "Verso is very pleased with the WTO Panel's decision in DS491, which will help ensure that duties remain in place to counter the dumping and subsidization of Indonesian coated paper. We also want to thank the U.S. Trade Representative's Office, and officials from the International Trade Commission and Department of Commerce, who worked diligently to defend these decisions and ensure strong enforcement of our trade laws."

Mark Gardner, President and CEO of Sappi North America added, "We are very happy with the outcome of this dispute. Subsidized imports injure U.S. producers, and it is important to keep the offsetting duties in place."

Parties have 60 days to appeal the ruling to the WTO Appellate Body.

About Verso Corporation
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and
specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at www.versoco.com.

About Sappi North America 
sappi logoSappi North America, headquartered in Boston, is a market leader in converting wood fiber into superior products that customers demand worldwide. The success of our four diversified businesses – high quality Coated Printing Papers, Specialised Cellulose, Release Papers and Specialty Packaging – is driven by strong customer relationships, best-in-class people and advantaged assets, products and services. Our high quality Coated Printing Papers, including McCoy, Opus, Somerset and Flo, are the key platform for premium magazines, catalogs, books and high-end print advertising. We are a leading manufacturer of Specialised Cellulose used in a wide range of products, including textile fibers and household goods, and one of the world's leading suppliers of Release Papers with our Ultracast, PolyEX, Classics and Neoterix lines for the automotive, fashion and engineered films industries. Our Specialty Packaging products, such as LusterPrint and LusterCote, represent an important asset in the food packaging and labeling industries. Customers rely on Sappi for high technical, operational and market expertise; products and services delivered with consistently high quality and reliability; and, state-of-the-art and cost-competitive assets and innovative spirit.

Sappi North America is a subsidiary of Sappi Limited (JSE), a global company headquartered in Johannesburg, South Africa, with more than 12,000 employees and manufacturing operations on three continents in seven countries and customers in over 150 countries around the world. Learn more about Sappi at: www.sappi.com.

SOURCE Verso Corporation

Published in Asian News

logoVerso Corporation (NYSE: VRS) has just announced that Robert M. Amen, chairman of the company's board of directors, has decided not to stand for reelection at the company's 2018 annual meeting of stockholders and, in connection with his decision, has resigned as chairman of the board effective October 6, 2017.  In connection with Amen's resignation as chairman, the Verso board has selected Eugene I. Davis, chair of the Strategic Advisory Committee and chair of the Finance and Planning Committee of the board, and Alan J. Carr, chair of the Compensation Committee of the board, as interim co-chairmen of the board.

In a joint statement, Davis and Carr said, "On behalf of the entire board, we want to express our gratitude to Rob for his service to Verso. With grace, wisdom and dedication, Rob led by example as chairman of the board. We are pleased that he intends to remain on the board until the end of his term as a director, and we wish him the best in all of his future endeavors."

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at www.versoco.com 

Published in North American News

Promotion Features Innovative U.S. Manufacturer Oru Kayak®

Verso Corporation (NYSE: VRS) continues to celebrate innovative U.S. manufacturers that share its passion for being the best at what they do with the release of the second in its series of printed promotions titled Sterling® Premium. ELEVATED.

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"Verso's Sterling® Premium challenged the paper quality/cost paradigm to create a first – premium paper at a budget friendly price," said Verso President of Graphic Papers Mike Weinhold. "We established a new status quo, and then challenged it again, improving shade and brightness to a whiter-white 96 – at the same great price." 

"Sterling® Premium's new, brilliantly bright optics combined with premium surface quality, print performance, product breadth, sustainability and service have elevated the definition of what it means to be the best of the best," said Verso Brand Marketing Manager Tanya Pipo. "When we were looking for like-minded companies that share the same passion and courage for elevating their brands to the next level we were introduced to Oru Kayak® in San Francisco. Like Sterling® Premium, Oru Kayak is elevating the expectation of how to make quality kayaks with premium attributes at a reasonable price."

ADVENTURE, ELEVATED. Oru Kayak® co-founder and designer Anton Willis developed the concept of a foldable kayak designed with quality, aesthetics and portability in mind. "It was origami that got me thinking," he says. "What if you could actually make a kayak that folded up like a piece of paper?" Through great design, portability, lighter weight and lower price than a conventional craft with no sacrifice in performance, Oru Kayak® is changing the game, elevating adventure on the water by making it more accessible to more people.

PAPER, ELEVATED. This new printed brochure showcases the brighter, whiter shade and exceptional print quality of Sterling® Premium through detailed imagery of beautifully crafted kayaks. The print demonstrations on gloss, dull/silk and matte finishes highlight the paper's premium surface quality, and the print comparisons between Sterling® Premium sheetfed and Sterling® Premium Digital™ for HP Indigo show the flawless print quality from offset to digital. The promotion is enhanced with a short video featuring the founders of Oru Kayak® using Layar® technology, a leading augmented reality app. Verso Marketing Communications Manager Julie Davis explains, "When printed images are scanned using the Layar® app, the technology recognizes the image and relates it to a piece of registered content with Layar®. This is an exceptional way to show how print links to new technology for a deeper experience without ever leaving the printed page."

Sterling® Premium has the widest and deepest offering of any premium grade, with a full line of sizes, finishes and weights to meet any need. Sterling® Premium offers true premium selection, with the industry's broadest range of basis weights—70 lb. text through 130 lb. cover, including 7 pt. and 9 pt. caliper guaranteed products for direct mail. The product line also includes two matching digital companion products, Sterling® Premium Digital™ and Sterling® Premium Digital™ for HP Indigo, guaranteed on all digital offset, toner and HP Indigo print equipment. Sterling® Premium is available with post-consumer recycled fiber, complies with Lacey Act requirements and is chain-of-custody tri-certified to the Forest Stewardship Council® (FSC®) BV-COC-953662, Programme for the Endorsement of Forest Certification™ (PEFC™) BV-PEFCCOC-US09000012, and Sustainable Forestry Initiative® (SFI®), BV-SFICOC-US09000011 standards.

To learn more about Sterling® Premium, please visit our website versoco.com.

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. The FSC® trademark license code for Verso Corporation is FSC® C014984. For more information, visit us online at versoco.com.

About Oru Kayak®

Oru Kayak is a San Francisco-based company that manufactures and markets a line of unique high-performance folding kayaks. Inspired by the ancient Japanese art of origami (Oru means "fold" in Japanese), the company's patented technology, lightweight skin and ingenious design enable Oru Kayaks to be folded down, stowed in a trunk, checked on a plane and hiked into remote waters. This enables lovers of the outdoors to get out there, enjoy the water and explore like never before. Oru Kayak aims to change the way people connect with water, whether it's for an hour, afternoon or full weekend adventure. Through innovative products and services, the company and its people hope to make paddling more convenient, fun and freeing for everyone. Learn more about this extraordinary company at orukayak.com.

Published in North American News

See the Brilliantly Brighter Difference Now in a New Printed Promotion

Verso Corporation (NYSE: VRS), a leading North American producer of printing papers, specialty papers and pulp, has just announced an increase in the brightness and whiteness of every product in its coated sheetfed and digital paper portfolios, and introduced Brilliantly Brighter, a new printed promotion showcasing these products.

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"Verso continues to invest in our Graphic Papers business as we collaborate with our customers to meet their long-term needs and address market trends," said Verso President of Graphic Papers Mike Weinhold. "Customers want a paper supplier who listens to them, responds effectively to the evolving marketplace and invests for the future, and Verso is committed to doing all three."

"We're not just changing one grade, we are increasing the brightness of our entire sheetfed and digital paper portfolios," said Verso Brand Manager Tanya Pipo. "We've also improved the shade of these products, making them a cleaner, crisper, whiter white. Our customers asked for brighter, whiter products without increasing their cost or compromising performance – and we are delivering."

Sterling® Premium, Sterling® Premium Digital™ and Sterling® Premium Digital™ for HP Indigo increased from 94 to 96 brightness. Anthem Plus®, Blazer Digital®, Productolith® Pts. and Productolith Pts. Digital® increased from 90 to 92 brightness. All of these products are featured with beautiful printing demonstrations in the Brilliantly Brighter promotion.

Weinhold adds, "With an unparalleled combination of product, service and performance for the price, these great products elevate Verso to a whole new level in the art of papermaking."

To learn more about Verso's graphic papers, please visit www.versoco.com.

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com.

Published in North American News

Verso Corporation (NYSE: VRS) has just announced that B. Christopher DiSantis will become the chief executive officer and a director of Verso effective as of February 1, 2017.  An entrepreneurial leader with extensive manufacturing experience, DiSantis brings to Verso a proven record of success in leading disciplined, high performance teams focused on driving shareholder value. 

Verso Logo"Chris has demonstrated an exceptional ability to lead organizations to higher levels of growth and performance, even in very challenging market environments, and we're excited about the opportunities that lie ahead for Verso under his leadership," said Verso Chairman of the Board Robert M. Amen. "His outstanding experience and passion for engaging our employees, serving our customers and delivering results for our shareholders will help make Verso a stronger, more competitive company for the future."

Prior to joining Verso, DiSantis served in executive leadership roles for several companies, leading teams that drove tangible productivity gains in operations, grew sales via new product development and implemented creative market strategies to enhance equity returns.  Since 2012, he was the CEO of H-D Advanced Manufacturing Company, a diversified enterprise that manufactures motion control products for the aerospace, defense, energy and industrial markets.  From 2011 to 2012, DiSantis was the CEO of Latrobe Specialty Metals, Inc. (now a part of Carpenter Technology Corporation), a worldwide supplier of essential premium alloys for the aerospace, defense, high speed and tool steel sectors.  Before joining Latrobe, he served for a decade in positions of increasing responsibility, most recently as president, at Hawk Corporation, a global manufacturer of braking and power transmission friction products (formerly a public entity - NYSE Amex: HWK).  

"I'm thrilled to join Verso's outstanding team as the company continues its evolution in a rapidly changing marketplace," DiSantis said.  "Our diverse product portfolio, flexible manufacturing platform, unparalleled customer service and firmly established customer base provide a solid foundation to build upon as Verso expands into important new grades and markets."

DiSantis graduated summa cum laude from Dartmouth College with a bachelor's degree in mathematics and economics.  In 2009, Crain's Cleveland Business named him to its class of "Forty under 40."

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance.  The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results.  Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all.  Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products.  This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users.  For more information, visit us online at versoco.com.

Published in North American News

Verso Corporation (NYSE: VRS), a leading producer of flexible packaging, technical, and label and converting papers, has just introduced GlazeArmor™ Micro, a bleached, uncoated machine-glazed paper with oil and grease resistance (OGR) that is specifically designed for microwave popcorn bag applications. 

popcorn versoThe latest addition to Verso's GlazeArmor™ family of lightweight uncoated machine-glazed OGR papers, GlazeArmor™ Micro provides aggressive grease holdout for both inner and outer ply layers of microwave popcorn bags, offering kit grease resistance levels ranging from Kit 6 to 12 and excellent runnability and performance for high-speed bag converting and popcorn packing and filling operations.

"Our GlazeArmor™ Micro papers excel in the critical areas that matter most to microwave popcorn brands seeking high performance OGR paper options – quality, performance and run-to-run consistency," said Mike Weinhold, Verso Senior Vice President of Sales, Marketing and Product Development. "We deliver these American-made papers with the same level of highly personalized customer service, experienced technical resources and overall attention to detail that customers have come to expect from Verso."

The GlazeArmor™ product family is an integral part of Verso's broader portfolio of machine-glazed laminating and converting papers designed for flexible packaging applications. Featuring OGR levels ranging from Kit 5 to Kit 12, the GlazeArmor™ line offers excellent runnability, converting performance and multiple perfluorooctanoic acid (PFOA)-free chemistries, all key performance requirements for end-use applications such as sandwich and deli wraps, foodservice liners, microwave popcorn bags and laminated food pouches.

The GlazeArmor™ product line, including GlazeArmor™ Micro, is produced on paper machine No. 5 at Verso's Androscoggin Mill in Jay, Maine, and offers several basis weights, ranging from 15.5 lb. to 33 lb. (3000 sq. ft.), each optimized for specific end uses. According to Jason Handel, Verso Group Vice President of Product Development and Technical Sales, "The No. 5 paper machine has a long-standing reputation for producing OGR papers with outstanding quality and consistent performance. The GlazeArmor™ product line is no exception."

For more information on GlazeArmor™ or other products in Verso's broad specialty papers offering, email specialtypapers@versoco.com or visit versoco.com/specialtypapers.

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com.

Published in North American News

Promotion Features Liberty® Line's Aesthetics, Breadth and Flexibility for Commercial Printing Applications

Verso Corporation (NYSE: VRS), a leading producer of coated papers, has just introduced Life, Liberty® and the Pursuit of Great Paper, a new promotion for its Liberty® coated web paper line.

2016 08 24 082957Liberty® is a No. 4 coated web paper that offers the widest range of basis weights in its class, from 38 lb. to 70 lb., and three finishes – gloss, dull and matte. It is designed to perform on web offset or rotogravure printing presses and is best suited for printing applications including publication covers, catalogs, magazines and retail inserts.

"Liberty® is a clean, white sheet that delivers just the right amount of contrast, making images and details really stand out," said Verso Brand Manager Tim Nordin. "Exceptional whiteness with great print gloss reproduces images with crisp aesthetics, excellent definition and print snap. The Life, Liberty® and the Pursuit of Great Paper promotion showcases these features through a variety of print demonstrations on Liberty® gloss, dull and matte. It also includes unprinted sample sheets of various basis weights and finishes as well as product features and specifications."

Verso Senior Vice President of Sales, Marketing and Product Development Mike Weinhold adds, "Liberty® has a long track record of excellent, consistent on-press performance with commercial and publication printers. Verso has a high degree of manufacturing system flexibility with multiple paper machines at mills located in the Midwestern and Eastern United States. This means we are able to make Liberty® on multiple machines resulting in better lead times, greater availability and faster deliveries."

To learn more about Verso's Liberty® product line, visit versoco.com.

About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. The FSC® trademark license code for Verso Corporation is FSC® C014984. For more information, visit us online at versoco.com.

Published in North American News

Verso LogoVerso Corporation (OTCQB: VRSZ) has just announced that it has sold one of its subsidiaries, Verso Androscoggin Power LLC (VAP), to Eagle Creek Renewable Energy, LLC, for a purchase price of approximately $62 million in cash. VAP owns four hydroelectric generation facilities associated with Verso's Androscoggin pulp and paper mill located in Jay, Maine. The parties contemporaneously entered into a purchase agreement and consummated the transaction.

The sale of VAP is part of Verso's efforts to raise funds to address its previously disclosed cash flow and liquidity concerns. Verso continues to evaluate other potential asset sales in connection with its exploration of various debt restructuring alternatives.

The sale of VAP is expected to have no impact on the operations of the Androscoggin mill.  The mill purchased electricity from VAP before the transaction, and it will continue to do so with VAP now under Eagle Creek's ownership. Moreover, the mill operates its own energy cogeneration facilities - consisting of two recovery boilers, a biomass boiler, three steam turbines, and three gas turbines - and also purchases electricity from Central Maine Power Company. Most importantly, the sale will not affect the Androscoggin mill's ability to manufacture its high-quality products and will not cause any interruption in serving its customers.

About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com.

About Eagle Creek
Eagle Creek Renewable Energy, LLC (www.eaglecreekre.com) is an owner, operator and developer of hydroelectric generation facilities and provides safe, clean, economic renewable energy to electricity consumers in the U.S. Eagle Creek currently owns and operates in excess of 130 MW from 47 facilities. Eagle Creek was founded in 2010, is privately owned and is headquartered in Morristown, New Jersey.

 

Published in North American News
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