Verso Corporation

Verso Corporation (NYSE: VRS) is a North American producer of coated papers including coated groundwood, coated freesheet, supercalendered and specialty products. The company restructured in 2016 following Chapter 11 bankruptcy. Verso operates two paper mills in the U.S.

Verso Corporation
TypePublic company
NYSE: VRS (Class A)
Russell 2000 Component
IndustryPulp and Paper
Founded2006 (2006)
Headquarters
Miamisburg, Ohio
,
United States
Key people
Adam St. John (CEO)
Productspulp, paper and process industries
Number of employees
4,200
ParentVerso Paper Holdings LLC
Websitewww.versoco.com

History

The company was formed in August 2006 when Apollo Global Management purchased the coated and supercalendered paper business from International Paper.[1][2] In April 2008, Verso conducted an initial public offering and was listed on the New York Stock Exchange.[3] In January 2015, Verso completed its acquisition of NewPage Holdings.[4]

Verso Corporation filed for Chapter 11 bankruptcy on January 26, 2016.[5] Six months later, the company emerged from bankruptcy after restructuring and reducing its debt by $2.4 billion.[6] 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.[7]

In January 2017, B. Christopher DiSantis was appointed as chief executive officer (CEO) and a director of Verso effective as of February 1, 2017.[7][8] DiSantis resigned in April 2019 and Leslie Lederer was appointed as interim CEO.[9] At the end of April 2019, Verso gave two months notice of the impending closure of its mill in Luke, Maryland.[10]


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.[11]

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.[12]

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.[13]

On June 9, 2020, Verso announced a plan to idle its US paper mills in Wisconsin Rapids, Wisconsin and Duluth, Minnesota indefinitely by late July 2020. The closure was due to the decline in demand for graphic paper and reduced use of print advertising in various industries during the coronavirus pandemic.[14] According to the company, a small number of employees will be kept on afterwards for an unknown time until remaining stock is sold. Between the two paper mills, about 1,000 employees are expected to be laid off, with 900 of those at the Wisconsin Rapids Mill.[15]

References
  1. "International Paper to Sell Unit for $1.4 Billion". Los Angeles Times. June 6, 2006. Retrieved May 6, 2019.
  2. Brickley, Peg (January 26, 2016). "Verso Corp. Files for Chapter 11 Bankruptcy Protection". The Wall Street Journal. Retrieved May 6, 2019.
  3. "Verso sets I.P.O. range". The New York Times. April 29, 2008. Retrieved May 6, 2019.
  4. "Verso Corp. Completes Its Acquisition of NewPage, Will Report $3.5B in Annual Sales". Printing Impressions. January 7, 2015. Retrieved May 6, 2019.
  5. Brickley, Peg (January 26, 2016). "Verso Corp. files for bankruptcy". MarketWatch. Retrieved May 5, 2016.
  6. "Verso Successfully Emerges from Bankruptcy" (Press release). Verso Corporation. PR Newswire. July 15, 2016. Retrieved May 6, 2019.
  7. Dries, Bill (January 13, 2017). "Verso Names New CEO". Memphis Daily News. Retrieved May 6, 2019.
  8. "Verso Corporation Names B. Christopher DiSantis as CEO" (Press release). Verso Corporation. PR Newswire. Retrieved May 6, 2019.
  9. Stephens, Caleb (April 15, 2019). "CEO of one of Dayton's top companies steps down". Dayton Business Journal. Retrieved May 6, 2019.
  10. "Verso Announces Closure of Paper Mill in Luke, Maryland" (Press release). Verso Corporation. PR Newswire. April 30, 2019. Retrieved May 6, 2019. Verso Corporation (NYSE: VRS) today announced it will permanently close its paper mill in Luke, Maryland...
  11. "Verso Paper Receives Environmental Award". Green Atom. July 15, 2008.
  12. "Verso Paper Receives Award". Print+Promo. September 28, 2010.
  13. Wil Hunter (December 23, 2015). "Verso Paper Corp. Quinnesec Mill receives Michigan's most prestigious worker safety and health award". Upmatters.
  14. "Verso announces closure of Wisconsin Rapids mill". WAOW News 9. June 9, 2020.
  15. "Verso announces closure of Wisconsin Rapids mill". WAOW News 9. June 9, 2020.
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