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Verso Corporation has just announced that Matthew M. Archambeau has been appointed Verso's Senior Vice President, Manufacturing and Energy, effective immediately.

logo"I am very pleased to have Matt join our senior leadership team with responsibility for leading our safety, manufacturing and energy strategic initiatives," said President and Chief Executive Officer Adam St. John. "Matt will easily transition into this new position because of his 26 years of extensive experience at Verso in various manufacturing leadership and technical roles, including his current responsibility for our Centers of Excellence."

Mr. Archambeau's previous leadership experience at Verso includes Vice President of the Centers of Excellence/Technology; Mill Manager at Verso's Escanaba, Michigan, mill and former Bucksport, Maine, and Sartell, Minnesota, mills; Director of Manufacturing Support, Memphis, Tennessee; and numerous manufacturing roles at Verso's former Bucksport, Maine mill. 

Mr. Archambeau holds a bachelor's degree in Chemical Engineering from the University of Minnesota – Duluth.

Published in North American News
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Verso LogoVerso Corporation (NYSE: VRS) has just announced that Michael A. Weinhold has resigned as President of Verso, effective March 10, 2020.

"On behalf of the entire Board and senior leadership team, I want to thank Mike for his leadership and contributions to Verso's success over the years and wish him the very best in his future endeavors," said Verso's Chief Executive Officer Adam St. John. 

"I am honored to have been part of Verso's senior leadership team since the company's inception in 2006," Weinhold said. "It has been a pleasure working with the many passionate, talented and dedicated people at Verso, and I wish them continued success."

Published in North American News
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Verso Corporation (NYSE: VRS), a leading North American producer of coated papers, has just introduced a new promotion for its market-leading No. 3 coated paper, Influence®, titled 30 Years of Influence. Made for Life.

"Over the past 30 years, the Influence® brand has gained a solid reputation with printers because of its consistent quality and unparalleled pressroom performance, printability and runnability," said Verso President Mike Weinhold. "This reputation is largely due to the dedicated and proud Verso workforce that takes personal ownership in making and delivering a high quality product to our customers."

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Influence® is designed to perform on web offset or rotogravure printing presses, is available in a variety of basis weights and finishes, and offered with chain-of-custody certification and recycled content. It is ideally suited for printing applications including publication covers, catalogs, magazines, brochures, direct mail and custom publishing that is targeted to a particular audience or type of consumer.

"Influence® is made in America's northern heartland at our Quinnesec and Escanaba mills in the Upper Peninsula of Michigan, and our Wisconsin Rapids Mill," said Verso Brand Manager Tim Nordin. "These central locations put us close to major Midwest printing hubs such as Chicago, Minneapolis and Detroit, allowing us to service printers with better lead times, greater availability and faster deliveries."

Nordin adds, "Influence® is recognized for its optical properties and excellent surface gloss and smoothness, resulting in truer, more vibrant image reproduction and contrast. In addition, it heightens the sensory experience of print, giving it the touch, feel and eye-grabbing appeal you simply can't get with electronic media. Studies continue to show that print on paper is a highly effective way to reach people and is still a critical part of the marketing media mix. And we can all feel good about using paper because it's made from trees grown in responsibly managed forests, one of earth's most renewable resources."

For more information about Influence®, 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. A leading North American producer of specialty and graphic papers, packaging 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 Nancy M. Taylor and Randy J. Nebel have been appointed as independent members of Verso's Board of Directors effective immediately.

Co-Chairman of the Board, Gene Davis, said, "We are very excited to welcome both Nancy and Randy. Each brings exceptional leadership, strategic and operating experience that will further diversify the Board's perspectives and skillsets. Given their vast experience and perspectives, we are confident that they will make immediate contributions to our Board, our stockholders and the company."

Verso LogoWith more than 20 years in senior management, as well as leadership roles in manufacturing and sales, Ms. Taylor brings extensive strategic, finance and corporate governance knowledge to the Board. She served as President and Chief Executive Officer of Tredegar Corporation, a manufacturing company, from February 2010 to June 2015, and currently serves on the board of two other NYSE-listed companies.

Mr. Nebel brings extensive paper and packaging industry knowledge and senior leadership experience to the Board. He served as Executive Vice President of Integrated Packaging at KapStone Paper and Packaging Corporation from January 2017 to November 2018, and previously served on the board of the National Association of Manufacturers.

"We are honored to have these exceptionally talented leaders join our Board," said Co-Chairman of the Board, Alan Carr. "Each of these senior executives brings with them an abundance of experience and a proven track record of business accomplishment and operational excellence. We look forward to benefitting from their guidance and insight as we implement our strategic process and continue in our effort to maximize shareholder value over the long term."

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging 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 or the "Company") has just announced that it has entered into a definitive agreement to sell its Androscoggin mill, located in Jay, Maine, and its Stevens Point mill, located in Stevens Point, Wisconsin, to Pixelle Specialty Solutions LLC for $400 million, subject to post-closing adjustments.

The sale, which has been unanimously approved by the Company's Board of Directors (the "Board"), is subject to and conditioned upon the receipt of approval from the Company's stockholders at a special meeting of stockholders, as well as certain regulatory and other customary approvals. The transaction is anticipated to be completed in the first quarter of 2020.

Verso LogoGene Davis, Co-Chairman of the Board, stated "We have undergone a thorough and comprehensive strategic process and firmly believe that the sale of these two mills at the agreed upon terms and conditions is in the best interests of the Company and our stockholders. We could not be more pleased by the efforts of the entire Senior Leadership Team and of Les Lederer, our Interim Chief Executive Officer since April."

Net cash proceeds of the transaction are anticipated to be approximately $336 million, after the assumption by Pixelle of approximately $35 million of pension liabilities, anticipated working capital adjustments, and the payment of transaction related expenses.  The Board intends to return a significant portion of the net proceeds to stockholders either by way of dividend or share repurchase, conducted either by way of modified Dutch tender offer, accelerated share repurchase program or open market purchases, and to determine and announce the amount and form of such return promptly following the closing of the transaction. In addition, Verso will utilize approximately $54 million of the net proceeds to reduce a portion of its unfunded pension liability. Any remaining net proceeds will be used for general corporate purposes while the Board continues its ongoing review of the Company's strategic alternatives.

Verso today also announced that Adam St. John had been named as the Company's Chief Executive Officer and appointed as a member of the Board.  Mr. St. John has been Senior Vice President of Manufacturing for all Verso mills and a long-standing member of the Senior Leadership Team.  Prior to joining the Company, Mr. St. John served in a senior management capacity at Georgia Pacific.  Mr. Lederer will continue to serve as a Senior Transaction Advisor to the Company.

Alan Carr, Co-Chairman of the Board, further stated:  "With almost three decades of paper industry experience and more than a decade of experience with Verso, we are confident that Adam is the right choice to lead the Company consistent with our strategic focus.  Under Adam's guidance, we expect that our remaining mills will generate sufficient EBITDA and cash flow to permit the Company to enhance its competitive market position, so as to create future growth and other opportunities."

Houlihan Lokey acted as financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to the Company in connection with the transaction.

About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging 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 

Participants in the Solicitation
The Company, its directors, executive officers and other persons related to the Company may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the proposed transaction. Information about the directors and executive officers of the Company and their ownership of Company common stock is set forth in the Company's Annual Report on Form 10-K for the year ended December 2018, as amended on April 30, 2019. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when such materials become available.

Published in North American News

American Product. American Jobs. American Pride.

Verso Corporation, a leading producer of coated papers, has just introduced a new promotion for its economy coated paper, Anthem Plus®, titled Anthem Plus®. Solid Performer. The promotion features the product's satin finish and matching digital companion, Blazer Digital®.

"Anthem Plus® is the all-American economy coated paper with all the qualities and performance commercial printers want at the price they need," said Verso President of Graphic and Specialty Papers Mike Weinhold. "It has 92-bright, blue-white optics in gloss and satin finishes, from 60 lb. text to 130 lb. cover. It also offers USPS-compliant 7 pt. and 9 pt. basis weights and a matching digital product, Blazer Digital®. Anthem Plus® is made with pride right here in the U.S., supporting local economies and American jobs. That's why it's known as the all-American product."

The promotion demonstrates the print quality of Anthem Plus® Satin 100 lb. text and cover and includes crossover pages showcasing the compatibility of Blazer Digital® Satin 100 lb. text. With beautiful solids and brilliant reproduction, Anthem Plus® and Blazer Digital® are the go-to economy coated stocks for offset and digital applications.

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"Anthem Plus® is a great sheet that comes with Verso's superior service and immediate availability, which means our customers get what they need, when and where they need it," said Verso Brand Manager Tim Nordin. "With more than 200 Anthem Plus® SKUs in our warehouses across the country, we're ready to meet our customers' needs day-in and day-out, even when demand surges. Verso is willing and able to quickly cut custom sizes of Anthem Plus® to meet our customers' just-in-time delivery needs."

"Verso's paper mills have served the toner market with the very best in coated papers for more than two decades, delivering digital papers expertise, dedicated production capacity and the broadest digital papers product portfolios in the industry," said Verso Brand and Product Manager Michelle Garrett. "Blazer Digital® is an economical, 92-bright coated digital paper with basis weight and finish choices similar to Anthem Plus®."

Anthem Plus® has the flexibility to perform in virtually every sheetfed printing application, including direct mail, brochures, catalogs, posters, newsletters, calendars, bill stuffers, flyers and manuals. It 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® - C014984 -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 Anthem Plus® and Blazer Digital®, please 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. A leading North American producer of specialty and graphic papers, packaging 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

SOURCE Verso Corporation

Published in North American News

Verso Corporation has just announced that its Board of Directors (the "Board") has unanimously adopted a limited duration stockholder rights plan (the "Rights Plan"), following the Board's evaluation and consultation with the Company's advisors, and has declared a dividend distribution of one right ("Right") for each outstanding share of common stock. The record date for such dividend distribution is June 27, 2019. Unless and until a triggering event occurs and these Rights become exercisable, the Rights will trade with the shares of the Company's common stock.

verso logo 2018The adoption of the Rights Plan is intended to protect Verso and its stockholders from the actions of third-parties that the Board determines are not in the best interests of Verso and its stockholders, and to enable all stockholders to realize the long-term value of their investment. The Rights Plan also protects Verso from any efforts to obtain control while it is conducting its strategic alternatives process so that it can maximize the likelihood of a successful outcome.

The Rights Plan is similar to other rights plans adopted by publicly-traded companies. The Rights Plan has the following specific terms:

(1) The rights will generally become exercisable only if a person or group acquires beneficial ownership of 15% or more of Verso's common stock in a transaction not approved by the Board;

(2) The Rights Plan expires on the earlier of (a) one year, (b) the redemption or exchange of the Rights, (c) the Board's determination to not pursue any strategic alternatives and (d) upon the approval by the Company's stockholders of any strategic transaction recommended by the Board;

(3) The rights will not be issued if there is a "qualifying transaction" which satisfies the following criteria: (a) the offer is a fully financed, all-cash tender offer or an exchange offer offering shares of the offeror traded on a national securities exchange (or a combination thereof); (b) for any and all of the outstanding shares of common stock of the Company; and (c) at the same per-share consideration for all such shares; and

(4) Each holder of a right (other than the acquiring person or group, whose rights will become void and will not be exercisable) will have the right to receive for 50% of the market value (determined pursuant to the terms of the Rights Plan) a certain number of shares of Verso's common stock, calculated in accordance with terms of Rights Plan. In addition, if Verso is acquired in a merger or other business combination after an acquiring person acquires 15% or more of Verso' common stock, each holder of the right would thereafter have the right to receive for a purchase price equal to 50% of the then current market value a certain number of shares of common equity interest of the acquiring person that is a party to such transaction. The acquiring person or group would not be entitled to exercise these Rights.

In the Rights Plan, the definition of "beneficial ownership" includes derivative securities.

Further details of the Rights Plan will be contained in a Current Report on Form 8-K and a Registration Statement on Form 8-A that Verso will be filing with the Securities and Exchange Commission (SEC).

Akin Gump Strauss Hauer & Feld, LLP is serving as legal advisor to Verso and Houlihan Lokey Capital, Inc. is serving as financial advisor to Verso.

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 Financial News

Verso Corporation has just announced that its Board of Directors had in late March of 2019, reengaged Houlihan Lokey Capital, Inc. as the company's financial advisor to assist Verso in identifying and evaluating a range of potential strategic alternatives, including a possible merger, joint venture, partnership, business combination, stock repurchase, recapitalization, sale, distribution, transfer or other disposition or acquisition of assets or equity interests, while the Company conducts its search to identify and retain a permanent chief executive officer.

Alan Carr, Co-Chairman of the Board, stated, "In light of recent headwinds faced by Verso and many of our competitors, we have taken several steps to address our challenges, including the announcement of the closure of the Luke Mill and the announcement of a change in leadership."

verso logo 2018Gene Davis, Co-Chairman of the Board added, "We are very pleased with the efforts of our interim Chief Executive Officer, Leslie Lederer, former chairman and interim president and CEO of Catalyst Paper, who, within a very short period of time, has provided invaluable direction, experience and expertise to the role. However, we have yet to select a permanent chief executive officer and, given industry wide challenges, we believe it is imperative for us to explore all of our options."

The Company also announced that the Board has approved the adoption of a limited duration stockholder rights plan (the "Rights Plan") and authorized a dividend distribution of one right ("Right") for each outstanding share of common stock, subject to the Board's approval of final documentation.

The Rights Plan is intended to enable all Verso stockholders to realize the full potential value of their investment in the Company and to protect their interests by reducing the likelihood that any person or group gains control of Verso through open market accumulation or other tactics without paying an appropriate control premium. In addition, the Rights Plan provides the Board with time to make informed decisions that maximize the value of Verso for the benefit its stockholders and does not deter the Board or stockholders from considering any offer that is fair and otherwise in the best interest of Verso's stockholders.  The Board determined to approve the adoption of the Rights Plan in order to encourage all potential participants to participate in the strategic process, rather than through unsolicited offers designed to discourage a full and fair process.

The Rights Plan is similar to other plans adopted by publicly-traded companies and has the following specific terms:

(1)

The rights generally would become exercisable only if a person or group acquires beneficial ownership of 15% or more of Verso's common stock in a transaction not approved by the Board;

(2)

The Rights Plan does not include so-called "wolfpack" language, but does apply to groups acting in concert with respect to the acquisition or disposition of the Company's equity or assets;

(3)

The Rights Plan would expire on the earlier of (a) one year, (b) the Board's determination to not pursue any strategic alternatives and (c) upon the approval by the Company's stockholders of any strategic transaction recommended by the Board;

(4)

The Rights Plan will be "chewable."  In other words, the rights will not be issued if an offer meets the following criteria: (a) the offer is a fully financed, all-cash tender offer or an exchange offer offering shares of the offeror traded on a national securities exchange (or a combination thereof); (b) for any and all of the outstanding shares of common stock of the Company; (c) with a minimum condition of at least 80% of the outstanding shares of the Company and (d) at the same per-share consideration for all such shares.

Each holder of a right (other than the acquiring person or group, whose rights will become void and will not be exercisable) will have the right to receive for 50% of the then current market value a certain number of shares of Verso's common stock, calculated in accordance with terms of Rights Plan. In addition, if Verso is acquired in a merger or other business combination after an acquiring person acquires 15% or more of Verso' common stock, each holder of the right would thereafter have the right to receive for a purchase price equal to 50% of the then current market value a certain number of shares of common equity interest of the acquiring person that is a party to such transaction. The acquiring person or group would not be entitled to exercise these Rights. In the Rights Plan, the definition of "beneficial ownership" includes derivative securities.

Further details of the Rights Plan will be contained in a Current Report on Form 8-K that Verso will be filing with the Securities and Exchange Commission (SEC). These filings will be available on the SEC's web site at www.sec.gov.

Akin Gump Strauss Hauer & Feld, LLP is serving as legal advisor to Verso.

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 Financial News

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