Verso Corporation
{{short description|North American paper producer}}
{{use MDY dates|date=October 2024}}
{{Infobox company
| name = Verso Corporation
| logo = Verso Corporation logo.png
| key_people = Robert A. Kreizenbeck
| industry = Pulp and Paper
| products = pulp, paper and process industries
| revenue =
| operating_income =
| assets =
| equity =
| num_employees = 1700 (2021)
| parent = Billerud AB
| foundation = {{start date and age|2006}}
| successor = Billerud North America
| location_city = Miamisburg, Ohio
| location_country = United States
| profit =
| homepage = {{URL|www.billerud.com}}
}}
Verso Corporation, now Billerud Americas Corporation, was a North American producer of coated papers including coated groundwood, coated freesheet, and specialty products. The company restructured in 2016 following Chapter 11 bankruptcy. Verso Corporation operated two paper mills in the U.S. In 2021, the company had approximately 1,700 employees.{{Cite web |title=Verso to be acquired by BillerudKorsnäs AB |url=https://www.recyclingtoday.com/article/verso-acquired-by-swedish-pulp-and-paper-manufacturer/ |access-date=2022-11-19 |website=Recycling Today |language=en}}
In 2022, the Swedish company BillerudKorsnäs completed its acquisition of Verso for $825m.
History
The company was formed in August 2006 when Apollo Global Management purchased the coated and supercalendered paper business from International Paper.{{cite news |url=https://www.latimes.com/archives/la-xpm-2006-jun-06-fi-briefs6.7-story.html |newspaper=Los Angeles Times |title=International Paper to Sell Unit for $1.4 Billion |date=June 6, 2006 |access-date=May 6, 2019 }}{{cite news |url=https://www.wsj.com/articles/verso-corp-files-for-chapter-11-bankruptcy-protection-1453812894 |title=Verso Corp. Files for Chapter 11 Bankruptcy Protection |newspaper=The Wall Street Journal |first=Peg |last=Brickley |date=January 26, 2016 |access-date=May 6, 2019 }} In April 2008, Verso conducted an initial public offering and was listed on the New York Stock Exchange.{{cite news |url=https://dealbook.nytimes.com/2008/04/29/verso-paper-sets-ipo-range/ |title=Verso sets I.P.O. range |newspaper=The New York Times |date=April 29, 2008 |access-date=May 6, 2019 }} In January 2015, Verso completed its acquisition of NewPage Holdings.{{cite news |url=http://www.piworld.com/article/verso-completes-its-acquisition-of-newpage-holdings/ |title= Verso Corp. Completes Its Acquisition of NewPage, Will Report $3.5B in Annual Sales |newspaper=Printing Impressions |date=January 7, 2015 |access-date=May 6, 2019 }}
In 2008, Verso received the Environmental and Energy Achievement Award from the American Forest and Paper Association for its work with the Bucksport Environmental Innovation Partnership.{{cite news |url=http://www.greenatom.earth/news/verso_paper_receives_environmental_award/ |date=July 15, 2008 |title=Verso Paper Receives Environmental Award |publisher=Green Atom}}
In 2010, Verso received the Sustainable Forestry Initiative (SFI) President's Award for its partnership efforts to promote sustainable forest management principles and initiatives in Maine.{{cite news |url= http://www.goprintandpromo.com/article/verso-paper-receives-award/ |publisher= Print+Promo |date= September 28, 2010 |title= Verso Paper Receives Award}}
In 2015, Verso Paper's Quinnesec Mill was awarded the Michigan Voluntary Protection Program (MVPP) Star award by the Michigan Occupational Safety and Health Administration (MIOSHA) for the fifth time.{{ cite news |url= http://www.upmatters.com/news/local-news/verso-paper-corp-quinnesec-mill-receives-michigans-most-prestigious-worker-safety-and-health-award |title=Verso Paper Corp. Quinnesec Mill receives Michigan's most prestigious worker safety and health award |author=Wil Hunter |date=December 23, 2015 |publisher=Upmatters}}
Verso Corporation filed for Chapter 11 bankruptcy on January 26, 2016.{{cite news | url=http://www.marketwatch.com/story/verso-corp-files-for-bankruptcy-2016-01-26 | title=Verso Corp. files for bankruptcy | work=MarketWatch | date=January 26, 2016 | access-date=May 5, 2016 | author=Brickley, Peg}} Six months later, the company emerged from bankruptcy after restructuring and reducing its debt by $2.4 billion.{{cite press release |url=http://www.prnewswire.com/news-releases/verso-successfully-emerges-from-bankruptcy-300299402.html |title=Verso Successfully Emerges from Bankruptcy |agency=PR Newswire |date=July 15, 2016 |publisher=Verso Corporation |access-date=May 6, 2019 }} As of January 2017, the company moved its headquarters from Memphis, Tennessee to Miamisburg, Ohio in a consolidation of offices as the company set a goal of reducing its overhead expenses by 10% annually.{{Cite news|url=https://www.memphisdailynews.com/news/2017/jan/13/verso-names-new-ceo/|title=Verso Names New CEO|last=Dries|first=Bill|date=January 13, 2017|newspaper=Memphis Daily News|access-date=May 6, 2019}}
In January 2017, B. Christopher DiSantis was appointed as chief executive officer (CEO) and a director of Verso effective as of February 1, 2017.{{Cite press release|url=http://www.prnewswire.com/news-releases/verso-corporation-names-b-christopher-disantis-as-ceo-300389909.html|title=Verso Corporation Names B. Christopher DiSantis as CEO|publisher=Verso Corporation|agency=PR Newswire|access-date=May 6, 2019}} DiSantis resigned in April 2019 and Leslie Lederer was appointed as interim CEO.{{cite news |url=https://www.bizjournals.com/dayton/news/2019/04/15/ceo-of-one-of-dayton-s-top-companies-steps-down.html |title=CEO of one of Dayton's top companies steps down |date=April 15, 2019 |newspaper=Dayton Business Journal |first=Caleb |last=Stephens |access-date=May 6, 2019 }} At the end of April 2019, Verso gave two months notice of the impending closure of its mill in Luke, Maryland.{{cite press release |url=https://www.prnewswire.com/news-releases/verso-announces-closure-of-paper-mill-in-luke-maryland-300839995.html |title=Verso Announces Closure of Paper Mill in Luke, Maryland |date=April 30, 2019 |agency=PR Newswire |access-date=May 6, 2019 |quote=Verso Corporation (NYSE: VRS) today announced it will permanently close its paper mill in Luke, Maryland... |publisher=Verso Corporation }}
On June 9, 2020, Verso announced a plan to indefinitely idle its US paper mills in Wisconsin Rapids, Wisconsin and Duluth, Minnesota by late July 2020. The idling was due to the decline in demand for graphic paper and reduced use of print advertising in various industries during the coronavirus pandemic. According to the company, a small number of employees were to be kept on afterwards for an unknown time until remaining stock was sold. Between the two paper mills, about 1,000 employees were expected to be laid off, with 900 of those at the Wisconsin Rapids Mill.{{cite news |title=Verso announces closure of Wisconsin Rapids mill |url=https://waow.com/2020/06/09/verso-announces-closure-of-wisconsin-rapids-mill/ |publisher=WAOW News 9 |date=June 9, 2020}} In January 2021, Verso announced that it no longer planned on restarting its Duluth mill, citing a decrease in demand as a result of the Covid-19 pandemic.{{cite news |last=Fisher |first=Jacob |title=Dayton papermaker says it will not restart $75M out-of-state mill |url=https://www.bizjournals.com/dayton/news/2021/01/27/verso-will-not-restart-duluth-mill.html |access-date=25 April 2021 |publisher=Dayton Business Journal |date=27 January 2021}}
In April 2021, Verso reached a settlement over lawsuits regarding pollution in the Potomac River from the defunct Luke Paper Mill. As part of the settlement, Verso agreed to identify the sources and extent of the contamination and create a comprehensive plan to clean it, as well as pay $650,000 to the state of Maryland.{{cite web |url=https://www.localdvm.com/news/maryland/luke-paper-mill-owner-verso-corp-to-clean-up-toxic-black-liquor-pollution-fined-650000-by-state/ |title=Luke paper mill owner Verso Corp. to clean up toxic 'black liquor' pollution, fined $650,000 by state |last=Mattu |first=Rohan |date=1 April 2021 |website=WDVM |access-date=19 April 2021}}
In December 2021, Swedish pulp and paper company BillerudKorsnäs announced a takeover of Verso, which was completed in 2022. {{cite web |url=https://www.billerudkorsnas.com/press--news/press-releases/2021/billerudkorsnas-to-acquire-verso-to-ignite-growth-in-north-america |title=BillerudKorsnäs to acquire Verso to ignite growth in North America |date=19 December 2021 |website=BillerudKorsnäs |access-date=20 December 2021}}
In January 2022, The state of Michigan announced a $244,451 settlement with Verso Corporation over national pollutant discharge elimination system violations at the company’s Escanaba Paper Mill {{Cite web|date=2022-01-06|title=Paper company to pay nearly $250K for fish kill on Escanaba River|url=https://www.woodtv.com/news/michigan/paper-company-to-pay-nearly-250k-for-fish-kill-on-escanaba-river/|access-date=2022-01-06|website=WOODTV.com|language=en-US}} which resulted in fish being killed in the Escanaba River downstream of the mill.
In March 2022, the Swedish [BillerudKorsnäs]] company completed its acquisition of Verso for $825m.{{cite web |title=BillerudKorsnäs acquires coated paper producer Verso for $825m |url=https://www.packaging-gateway.com/news/verso-billerudkorsnas-acquisition/ |website=Packaging Gateway |access-date=October 5, 2024 |date=April 1, 2022}}
References
External links
- {{Official website|http://www.versoco.com}}
Category:Manufacturing companies established in 2006
Category:American companies established in 2006
Category:Manufacturing companies based in Ohio
Category:Companies formerly listed on the New York Stock Exchange
Category:Companies that filed for Chapter 11 bankruptcy in 2016
Category:Pulp and paper companies of the United States
Category:American subsidiaries of foreign companies
Category:Apollo Global Management companies