NewPage-Verso merger now complete
WISCONSIN RAPIDS — The city's paper mill has officially been sold.
Wednesday marked the completion of Memphis, Tenn.-based Verso Corp.'s acquisition of NewPage Holdings Inc. and its paper mills in Wisconsin Rapids, Stevens Point and its research and development facility in Biron.
Verso now employs about 1,300 people in central Wisconsin.
Temporary Verso banners were installed at the Wisconsin Rapids mill and Stevens Point mill Wednesday.
One year and one day ago, Verso, North America's second-largest coated paper producer, announced it would buy Miamisburg, Ohio-based NewPage, North America's largest coated paper producer, for $1.4 billion. The companies faced some regulatory hurdles from the Department of Justice, which needed to review the merger to ensure there were no antitrust violations.
To expedite the the Department of Justice's review, NewPage will sell its Biron paper mill — which employs more than 400 — and another Maine mill to Richmond, British Columbia-based Catalyst Paper Corp. The sale of the Biron paper mill to its new owner also was completed Wednesday.
Verso's chief executive officer and president, David Paterson, said in a news release that the merging of the two paper companies will result in "a stronger, more stable company."
"We continue to face increased competition from electronic substitution for print and from international producers, but as a larger, more efficient organization with a sustainable capital structure, we are better positioned to deliver solid results despite the industry's continuing challenges," Paterson said.
Moving forward, Phil Hartley, the communications and public affairs manager for Verso's Wisconsin operations, said Verso leadership will visit their new mills during the next few weeks.
Also in the next few weeks, the Stevens Point and Wisconsin Rapids mill will hold a series of events to complete the transition, according to a news release.
For more on the Verso-NewPage merger:
- READ MORE: Canadian company set to acquire Biron mill
- READ MORE: NewPage sale can proceed
Melanie Lawder can be reached at mlawder@cwnews.net or 715-423-7200. Find her on Twitter as @mel_lawder.