Verso Corporation

Verso Corporation
Public company
Traded as NYSE:VRS
Industry Pulp and Paper
Founded 2006 (2006)
Headquarters Miamisburg, USA
Key people
 David J. Paterson
Peter H. Kesser (CEO)
Products pulp, paper and process industries
Number of employees
 5200
Parent Verso Paper Holdings LLC
Website versoco.com

Formerly based in Memphis, Tennessee, Verso Corporation (OTC Pink Current: 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 eight paper mills in the U.S.

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 to Miamisburg, Ohio in a consolidation of offices as the company set a goal of reducing its overhead expenses by 10 percent annually.[7] In January 2017, B. Christopher DiSantis was appointed to become the chief executive officer (CEO) and a director of Verso effective as of February 1, 2017.[7][8]

Awards

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.[9]

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.[10]

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.[11]

References

  1. ↑ "International Paper to Sell Unit for $1.4 Billion". Los Angeles Times. June 6, 2006.
  2. ↑ Peg Brickley (January 26, 2016). "Verso Corp. Files for Chapter 11 Bankruptcy Protection". The Wall Street Journal.
  3. ↑ "Verso sets I.P.O. range". New York Times. April 29, 2008.
  4. ↑ "Verso Corp. Completes Its Acquisition of NewPage, Will Report $3.5B in Annual Sales". Printing Impressions. January 7, 2015.
  5. ↑ Brickley, Peg (January 26, 2016). "Verso Corp. files for bankruptcy". MarketWatch. The Wall Street Journal. Retrieved May 5, 2016.
  6. ↑ "Verso Successfully Emerges from Bankruptcy". PR Newswire. July 15, 2016.
  7. 1 2 "Verso Names New CEO".
  8. ↑ Corporation, Verso. "Verso Corporation Names B. Christopher DiSantis as CEO". www.prnewswire.com. Retrieved 2017-01-13.
  9. ↑ "Verso Paper Receives Environmental Award". Green Atom. July 15, 2008.
  10. ↑ "Verso Paper Receives Award". Print+Promo. September 28, 2010.
  11. ↑ Wil Hunter (December 23, 2015). "Verso Paper Corp. Quinnesec Mill receives Michigan's most prestigious worker safety and health award". Upmatters.
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