Displaying items by tag: verso

billkorlogoAs earlier communicated, BillerudKorsnäs entered into a merger agreement with Verso Corporation (Verso) under which BillerudKorsnäs agreed to acquire Verso for a purchase price of approximately USD 825 million in cash. Verso is a leading producer of coated papers in North America with reported net sales for 2021 of USD 1 278 million and adjusted EBITDA of USD 223 million.

At a special meeting of Verso’s shareholders held today, holders of the requisite majority of Verso’s outstanding shares of common stock voted to adopt the merger agreement and approve the transaction.

BillerudKorsnäs expects the transaction to close in late-March or April of 2022, subject to the satisfaction of customary closing conditions, including the receipt of remaining regulatory approvals from the U.S. Nuclear Regulatory Commission and the Public Service Commission of Wisconsin.

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Promotion Provides Tips for Reaching Voters during Political Campaigns

Verso Corporation (NYSE:VRS) has just introduced a new direct mail promotion, Vote for Verso Papers, to create awareness of its extensive 7 & 9 pt. sheetfed, digital, web and inkjet printing papers amongst those designing and printing direct mail for political campaigns. The promotion was printed on a sheetfed printing press on Verso's Anthem Plus® Gloss, 7 pt. cover.

2020 08 27 214222"Direct mail lets you reach the right voters with the right message," said Senior Vice President of Sales and Marketing Aaron Haas. "In fact, mail works well for campaigns looking to reach specific audiences on topics and issues that are just not possible with mass communication, while connecting them to online content that provides more information on a candidate's views."

The promotion includes a chart that helps those designing direct mail select the appropriate print method based on the level of personalization desired and print quantity, and choose the right 7 or 9 pt. Verso paper that meets United States Postal Service (USPS) direct mail requirements.

Haas adds, "Selecting Verso papers for printed collateral is an effective way for all U.S. candidates to convey their important political messaging, while demonstrating to voters that they support U.S. based companies like Verso and U.S. based manufacturing jobs. Moreover, because paper is both renewable and recyclable, using direct mail demonstrates a candidate's commitment to environmental sustainability."

To learn more about Verso's line of direct mail papers, please visit our website versoco.com.

Published in North American News

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."

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Verso Corporation has just announced that it has completed the sale of its Androscoggin Mill, located in Jay, Maine, and its Stevens Point Mill, located in Stevens Point, Wisconsin, to Pixelle Specialty Solutions LLC ("Pixelle").

"We are pleased to have completed the sale of our Androscoggin and Stevens Point mills to Pixelle," said Verso Chief Executive Officer Adam St. John. "After the transaction, we will continue to be a debt-free company with significant manufacturing and financial flexibility, well positioned to enhance our competitive market position, effectively respond to industry trends and take advantage of low-risk, high-return opportunities that should create long-term value for all of our stakeholders."

Verso Logo"With the sale of the Stevens Point and Androscoggin mills, we will now focus on the growth and enhancement of our pulp and packaging products as well as the specialty products produced at our remaining mills," said Verso President Mike Weinhold. "Our experienced, knowledgeable employees combined with our flexible manufacturing capabilities and unmatched commitment to innovation, product performance and service position Verso as a supplier of choice in North America and beyond."

Verso is a leading North American producer of graphic and specialty papers, packaging and pulp. The Company's Duluth, Escanaba, Quinnesec and Wisconsin Rapids mills have a combined annual production capacity of 2 million tons of paper.

The Company will promptly announce how it plans to utilize no less than $225 million and up to $282 million of the net cash proceeds from the transaction for the benefit of stockholders. Verso also plans to utilize a portion of the net cash proceeds in 2020 to reduce its remaining unfunded pension liability.

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

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Verso Corporation (NYSE: VRS) ("Verso" or the "Company") has just issued the following statement in response to Lapetus Capital II LLC ("Lapetus", and together with its affiliates, "Atlas") and BW Coated LLC ("BW Coated" and together with its affiliates, "Blue Wolf" and, collectively with Atlas, "Atlas and Blue Wolf"):

Verso LogoAs Verso has just announced the 2019 annual meeting of stockholders of the Company, previously scheduled for January 21, 2020, has been rescheduled to January 31, 2020 in order to combine the matters to be voted on at the annual meeting with proposals related to the previously announced sale of Verso's Androscoggin and Stevens Point mills to Pixelle Specialty Solutions LLC (the "Pixelle Transaction").  

Holding a single meeting will make it easier for stockholders to evaluate all proposals, streamline the proxy solicitation process, and if approved, expedite and facilitate the closing of the Pixelle Transaction and accelerate the return to stockholders of at least $225 million of the anticipated net cash proceeds of the Pixelle Transaction.

Earlier this month, Atlas and Blue Wolf communicated to Verso that it was pleased that the Company had put forth the Pixelle Transaction for consideration by stockholders and requested additional disclosure regarding the Pixelle Transaction. Disclosure regarding the Pixelle Transaction, including the anticipated net cash proceeds, has been publicly available in the Company's preliminary proxy statement filed with the Securities and Exchange Commission since December 11, 2019, and can be found on the "Investors" section of Verso's website, http://investor.versoco.com. The definitive proxy statement, when available, can be found online at http://www.proxyvoting.com/VRS.

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.

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

"Sterling® Premium has set a new standard for premium coated papers," said Verso President of Graphic and Specialty Papers Mike Weinhold. "The combination of optics with premium surface quality, print performance, product breadth, sustainability, Verso service and an affordable price makes Sterling® Premium a great choice for marketers who want to elevate their brand's image and make a lasting impression."

ELEVATE YOUR IMPRESSION. This beautifully printed set of cards is the fourth in a series of promotions for Sterling® Premium. The cards showcase the 96 bright, white shade, exceptional surface and print quality of 120 lb. Sterling® Premium Silk Cover and 120 lb. Sterling® Premium Digital™ for HP Indigo Silk Cover through colorful, attention-grabbing imagery printed using creative techniques and special inks, including chrome (metallic), fluorescent DayGlo® and vibrant Kaleido® inks.

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"This promotion demonstrates and celebrates the power and possibilities of print," said Verso Brand Marketing Manager Ryan Graham. "In branding, a great first impression entices customers to explore and learn more. Print not only delivers an immediate and captivating draw to your brand with rich, colorful imagery, but also provides a tactile experience that no electronic media can match. There's no doubt that printing on Sterling® Premium delivers eye-catching graphics and a human touch that will elevate your brand and leave a lasting impression," he said.

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® - 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 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. 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 

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