Verso Corporation Announces Sale of Duluth, Minnesota, Mill
Verso Corporation announced the completion of the sale of its closed Duluth, Minnesota mill to ST Paper 1, LLC, effective May 13, 2021. The mill had been idled since July 2020, and the sale reflects Verso's commitment to finding sustainable solutions for its assets. President Randy Nebel expressed satisfaction in securing a buyer who aims to operate the mill, potentially benefiting local employment and the community. Verso is recognized for its quality production of graphic, specialty, and packaging paper, alongside market pulp.
- Sale of the Duluth mill may create local job opportunities.
- Verso successfully found a buyer to operate the idled mill, indicating effective asset management.
- None.
MIAMISBURG, Ohio, May 17, 2021 /PRNewswire/ -- Verso Corporation (NYSE: VRS) today announced the completion of the sale of the company's closed mill in Duluth, Minnesota, to ST Paper 1, LLC, effective May 13, 2021.
"Since the idling of the Duluth Mill in July 2020, we have been working diligently to find a viable and sustainable alternative for the Duluth Mill," said President and Chief Executive Officer Randy Nebel. "We are pleased to have found a buyer who plans to operate the Duluth Mill in the future, providing local employment opportunities and serving the local business community and residents of the Duluth area."
About Verso Corporation
Verso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. Verso's graphic paper products are designed primarily for commercial printing, advertising and marketing applications, including direct mail, catalogs, corporate collateral, books and magazines. Verso's specialty paper products include release liner papers and label face stock for pressure sensitive, glue-applied and laminate applications. Verso produces packaging paper used in higher-end packaging and printing applications such as greeting cards, book covers, folders, labels and point-of-purchase displays. Verso also makes market pulp used in printing, writing, specialty and packaging papers, facial and toilet tissue, and paper towels. For more information, visit us online at versoco.com.
Forward-Looking Statements
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. Forward-looking statements are based on currently available business, economic, financial, and other information and reflect management's current beliefs, expectations, and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including those risks and uncertainties listed in Verso's Annual Report on Form 10-K for the year ended December 31, 2020 and filed with the Securities and Exchange Commission (the "SEC") on March 1, 2021, as such risks and uncertainties may be updated from time to time in Verso's other filings with the SEC. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
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SOURCE Verso Corporation
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