Verso Corporation
| Company type | Public (until 2022) |
|---|---|
| Industry | Pulp and paper |
| Founded | August 2006 |
| Fate | Acquired by BillerudKorsnäs AB in 2022 |
| Headquarters | Miamisburg, Ohio , United States |
Number of employees | 1700 (2021) |
Verso Corporation, currently operating as Billerud Americas Corporation, was a prominent North American manufacturer specializing in coated paper products such as coated groundwood, coated freesheet, and various specialty papers. Following a reorganization triggered by Chapter 11 bankruptcy in 2016, Verso maintained operations at two paper mills within the United States and had a workforce of approximately 1,700 employees by 2021.[1] In 2022, the Swedish enterprise BillerudKorsnäs acquired Verso for $825 million.
History
Verso was founded in August 2006 when Apollo Global Management acquired the coated and supercalendered paper division from International Paper.[2] The company went public in April 2008 through an initial public offering on the New York Stock Exchange.[3] In January 2015, Verso expanded its market presence substantially by acquiring NewPage Holdings.[4]
The company received several environmental accolades, including the 2008 Environmental and Energy Achievement Award from the American Forest and Paper Association and the Sustainable Forestry Initiative President's Award in 2010 for its commitment to sustainable forest management.[5][6] Its Quinnesec Mill was honored five times by 2015 with the Michigan Voluntary Protection Program Star award, recognizing outstanding safety performance.[7]
Confronted with financial difficulties, Verso filed for Chapter 11 bankruptcy protection on January 26, 2016.[8] After six months of restructuring that included reducing debt by $2.4 billion, the company successfully emerged from bankruptcy.[9] In January 2017, Verso moved its corporate headquarters from Memphis, Tennessee to Miamisburg, Ohio aiming to streamline operations and cut annual costs by 10%.[10]
B. Christopher DiSantis took over as CEO in February 2017,[11] but stepped down in April 2019 when Leslie Lederer assumed the role of interim CEO.[12] That year, Verso announced it would shut down its mill located in Luke, Maryland,[13] and later in June 2020 planned to suspend operations at mills in Wisconsin Rapids and Duluth due to reduced demand amid the COVID-19 pandemic.[14][15]
In April 2021, Verso resolved legal disputes concerning pollution from the Luke mill by agreeing to remediation measures and paying $650,000 to the state of Maryland.[16] Additionally, in January 2022, it settled a $244,451 penalty related to pollutant discharge violations at its Escanaba Paper Mill in Michigan.[17]
The acquisition of Verso by Swedish pulp and paper company BillerudKorsnäs was finalized in March 2022 for $825 million,[18] incorporating Verso into its global network and extending its presence across North America.
References
- ↑ Verso to be acquired by BillerudKorsnäs AB
- ↑ International Paper to Sell Unit for $1.4 Billion
- ↑ Verso sets I.P.O. range
- ↑ Verso Corp. Completes Its Acquisition of NewPage
- ↑ Verso Paper Receives Environmental Award
- ↑ Verso Paper Receives Award
- ↑ Verso Paper Corp. Quinnesec Mill receives Michigan's most prestigious worker safety and health award
- ↑ Verso Corp. files for bankruptcy
- ↑ Verso Successfully Emerges from Bankruptcy
- ↑ Verso Names New CEO
- ↑ Verso Corporation Names B. Christopher DiSantis as CEO
- ↑ CEO of one of Dayton's top companies steps down
- ↑ Verso Announces Closure of Paper Mill in Luke, Maryland
- ↑ Verso announces closure of Wisconsin Rapids mill
- ↑ Dayton papermaker says it will not restart $75M out-of-state mill
- ↑ Luke paper mill owner Verso Corp. to clean up toxic 'black liquor' pollution, fined $650,000 by state
- ↑ Paper company to pay nearly $250K for fish kill on Escanaba River
- ↑ BillerudKorsnäs acquires coated paper producer Verso for $825m
External links
- Manufacturing firms founded in 2006
- U.S. companies established in 2006
- Ohio-based manufacturing companies
- Formerly listed on the New York Stock Exchange
- Entities that filed Chapter 11 bankruptcy in 2016
- Pulp and paper industry companies in the United States
- U.S. subsidiaries of international corporations
- Companies owned by Apollo Global Management
- Initial public offerings in 2008
- Mergers and acquisitions in 2022
- Corporate spin-off entities
- Companies of the United States by year of establishment
- American companies established in 2006