Displaying items by tag: verso

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

Verso Corporation (NYSE: VRS) has just announced it will permanently close its paper mill in Luke, Maryland, in response to the continuing decline in customer demand for the grades of coated freesheet paper produced at the mill, along with rising input costs, a significant influx of imports, and rising compliance costs and infrastructure challenges associated with recent environmental regulation changes. The closure, which is expected to be complete by June 30, will reduce Verso's coated freesheet production capacity by approximately 450,000 tons, reducing total annual paper production capacity to approximately 2.7 million tons.

Verso Logo"It is unfortunate that we had to make the decision to close the Luke Mill, but the continuing decline in demand for the grades of paper manufactured there left us no choice but to close this facility that has struggled with profitability for a number of years," said Verso Interim Chief Executive Officer Leslie T. Lederer. "The company explored the possibility of producing alternate grades of paper products but the conclusion remained the same – we could not achieve profitability at the mill in today's market environment.  Consistently matching the supply of our graphic paper products with customer demand for these products, reducing our costs and rapidly diversifying our product portfolio into growing markets remain essential drivers for Verso's long-term success, and we continue to vigorously pursue these objectives."  

Most of the Luke Mill's paper grades are already qualified to be produced on other Verso paper machines, and the company is working to assure all customer needs are met, according to Verso President of Graphic and Specialty Papers Michael A. Weinhold.  "Because Verso is continually evaluating the best use of our highly flexible manufacturing system to assure we deliver the quality, reliability and value our customers depend on, our Luke Mill customers can remain confident in Verso's ability to meet their needs now and in the future," he said.  "We will be working closely with our customers to assure they continue to receive the high quality products and exceptional service they have come to expect from Verso."

Approximately 675 employees will be impacted by the closure of the Luke Mill.  Employees were notified in accordance with the Worker Adjustment and Retraining Notification (WARN) Act that their last day of employment with Verso is expected to be June 30.  Eligible hourly employees will receive a severance allowance in accordance with local collective bargaining agreements, and the company will begin effects bargaining with the local unions soon.  Salaried employees will receive a severance allowance in accordance with Verso's established severance policy.  In compliance with the WARN Act, Verso sent notification of the decision to close the mill to the appropriate authorities in Maryland, West Virginia and Virginia, and will continue to work with state and local officials to help Luke Mill employees take full advantage of all available support resources.

"The decision to close this mill that has been in operation for more than 130 years was an extremely difficult one, and is in no way a reflection on the dedicated men and women who work there," Lederer said.  "We know that this will be an extraordinarily emotional and challenging time for our Luke Mill team, and Verso is committed to treating them with fairness, respect and dignity during this difficult time. We will also do our utmost to ensure employee safety during the transition. I want to thank each and every member of the Luke team for their hard work and dedicated service to the mill, to Verso and to our customers."

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
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Verso Corporation (NYSE: VRS) has just announced that B. Christopher DiSantis has stepped down as President and Chief Executive Officer and member of the Verso Corporation board of directors effective as of April 5, 2019.  Leslie Lederer, former chairman, interim president and CEO of Catalyst Paper Company, has been named as interim Chief Executive Officer as of April 5 in order to ensure a smooth transition until such time as a permanent CEO has been identified and retained.  Verso's board of directors intends to undertake a robust succession process to find a successor for DiSantis, including a search process that will include internal and external candidates.

Verso Logo"On behalf of the entire board, I want to thank Mr. DiSantis for his leadership and contributions to Verso's success and wish him the best in his future endeavors," said Co-Chairman of the Board Alan Carr.  Co-Chairman Gene Davis added, "We are thrilled to have Les join us and, given his industry expertise and proven leadership qualities, we look forward to him leading our talented and experienced team."

"I feel honored and privileged to have been part of Verso's leadership team and board," DiSantis said.  "The economic turnaround driven by Verso's management and associates is a great victory for stockholders.  I leave the company in capable hands, poised for continued success and wish my many colleagues the brightest of futures."

About Verso Corporation
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 

Published in North American News
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Verso Corporation (NYSE: VRS) continues to celebrate the power of print in its latest promotion titled Sterling® Premium. ELEVATE YOUR IMPACT. Sterling® Premium is Verso's premium coated sheetfed printing paper.

"Verso's Sterling® Premium challenges the paper quality/cost paradigm and delivers a first – premium coated paper at a budget-friendly price," said Verso President of Graphic and Specialty Papers, Mike Weinhold. "We've raised the bar on the status quo, delivering a more affordable premium coated paper that has a pleasing white shade and 96 brightness that brand owners desire and appreciate."

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ELEVATE YOUR IMPACT. This new printed brochure, the third in a series, showcases the 96 bright, white shade and exceptional premium surface and print quality of 130 lb. Sterling® Premium Silk Cover and 120 lb. Sterling® Premium Digital™ for HP Indigo Silk Cover through detailed imagery and the use of various techniques to enhance the subject matter. Only print can offer special techniques such as embossing, foil stamping and die cutting that grab attention, create memories, build brands and drive sales. 

"Sterling® Premium's optics combined with premium surface quality, print performance, product breadth, sustainability and Verso service continue to elevate the definition of a premium coated sheet," said Verso Brand Marketing Manager Ryan Graham. "This promotion both demonstrates and celebrates the possibilities of print with special techniques and premium optics, and the No. 2 pricing of Sterling® Premium broadens the opportunity for brand owners to elevate their message. Think of it as gold for the price of silver."

Made in the U.S.A., Sterling® Premium has the widest and deepest offering of any premium grade, with a full line of sizes and finishes including gloss, silk and matte, with weights to meet a broad spectrum of requirements. 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 manufactured with 10% post-consumer waste (PCW) 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 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 printing and specialty 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
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Verso Corporation has just announced the launch of three new label papers, OptiLabel™ HB, OptiLitho™ C1S and OptiPrime™ Inkjet WS, further expanding its specialty label paper portfolio, the largest in North America.

"We are pleased to be launching three new innovative label products for pressure sensitive, label and converting, and inkjet food contact applications to satisfy the growing needs of our specialty paper customers," said Verso President of Graphic Papers Mike Weinhold. "We are very proud to be featuring these new products for the first time at Labelexpo Americas in Chicago next week."

2018 09 21 070143

Verso's OptiLabel™ HB family of general purpose pressure sensitive face stock papers expands with the addition of a new 58 lb. (3300 ft2 / 86 gsm) basis weight offering that is optimized for laminating, label printing, die cutting and high speed label application processes. The OptiLabel™ HB family is also offered in a 53 lb. (3300 ft2 / 78 gsm) basis weight and is designed for high-end, pressure sensitive label applications requiring premium label appearance and high strength for matrix stripping and runnability. Ideal for flexographic printing, OptiLabel™ HB features premium brightness and an enhanced blue-white shade, combined with high opacity and a semi-gloss finish.

OptiLitho™ C1S is a new family of C1S glue-applied cut and stack label papers for label and converting applications. OptiLitho™ C1S is offered in 55 lb. (3300 ft2 / 81 gsm) and 60 lb. (3300 ft2 / 89 gsm) and features a smooth surface, excellent ink holdout for offset, flexographic and rotogravure printing, and is designed to perform in demanding and unique printing and converting applications.

OptiPrime™ Inkjet WS joins the OptiPrime™ family of specialty pressure sensitive label papers for emerging label printing technologies and is offered in 42 lb. (3300 ft2 / 62 gsm) and 38 lb. (3000 ft2 / 62 gsm). OptiPrime™ Inkjet WS is a wet strength label paper designed for premium aqueous inkjet and flexographic direct food contact pressure sensitive label applications requiring wet strength performance for better durability in higher moisture environments. OptiPrime™ Inkjet WS has high strength for fast die cutting, matrix stripping and runnability along with a high brightness, high opacity and premium blue-white shade.

"OptiLabel™ HB and OptiLitho™ C1S products are made on the No. 3 paper machine known for making high quality release liner and label papers at Verso's Escanaba Mill in Michigan, a fully integrated pulp and paper manufacturing facility," said Verso Vice President and General Manager of Specialty Papers Ed Buehler. "OptiPrime™ Inkjet WS is produced at Verso's Stevens Point Mill in Wisconsin, North America's largest state-of-the-art specialty paper mill."

These new offerings join Verso's label paper portfolio which includes Aspect®, Sterling®, OptiTherm™, UniTherm™, DuraPoint, ProPoint, OmniPoint, LithoPoint, EcoPoint and CraftPoint™ - the most comprehensive label paper portfolio produced in North America.

Published in North American News
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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 This email address is being protected from spambots. You need JavaScript enabled to view it.

Published in North American News
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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."

Published in North American News
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Verso Corporation has just announced that the Strategic Alternatives Committee formed by its Board of Directors in September 2017, has, at the direction of the Board, expanded its evaluation of potential transaction alternatives to include other alternatives, including but not limited to, a potential sale or merger of the entire company.

Verso LogoAs previously announced, the Committee, with the assistance of Houlihan Lokey Capital, Inc., the company's financial advisor, has been charged with identifying and evaluating a range of potential strategic transaction alternatives to maximize value to Verso stockholders, and with recommending to the Board whether any potential transaction is in the best interests of the company and its stockholders.

There is no assurance that the review of potential strategic alternatives will result in any transaction or other strategic alternative. Verso does not intend to make any further disclosure concerning these matters until a definitive transaction agreement is reached or a determination is made that none will be pursued.

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.

SOURCE Verso Corporation

Published in North American News
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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
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