Almost exactly a year after announcing its plans, Verso Corp. has finally completed its acquisition of NewPage Holdings, North America’s largest coated paper producer. This gives the producer of printing and specialty papers approximately $3.5 billion in annual sales and about 5,800 employees in eight mills across six states and makes Verso the largest manufacturer of coated paper in the U.S.
It took a year to complete the deal, but Verso Corp. has officially acquired NewPage Holdings, making Verso the largest coated paper manufacturer in the U.S.
Verso Paper plans to consolidate its existing West Chester, OH, office and the NewPage Miamisburg, OH, office into a single Ohio Operations Center. Verso's corporate headquarters will remain in Memphis, TN.
Continuous-feed production inkjet is an exciting, evolving market. Average annual growth since 2010 has been at 93 percent, according to IT Strategies; in 2013 alone, 146 billion pages were printed globally with continuous-feed inkjet. Market-Intell estimates that this represents 350,000 tons of paper in North America in 2013.
Low participation in a debt exchange offer that is critical to completing the deal may kill Verso Paper's proposed $1.4 billion acquisition of NewPage Holdings, the Portland Press Herald reported.
The proposed merger of NewPage and Verso Paper would create a sort of two-headed beast—a prospect that seems to have Wall Street both baffled and concerned.
A Wisconsin community is reacting after a billion dollar sale of three paper mills. On Monday, Verso Paper announced that it has purchased NewPage. That includes its mills in Wisconsin Rapids, Stevens Point, and Biron.
Verso Paper and NewPage Holdings have announced that they have entered into a definitive agreement under which Verso will acquire NewPage in a transaction valued at $1.4 billion. Upon closing of the transaction, the combined company will have sales of approximately $4.5 billion and 11 manufacturing facilities located in six states.
Continuous-feed inkjet offers advantages over both offset and electrophotography. As the technology evolves, it is gaining share from both. The presses are good. The substrates are good. The software is good. And, as Cathy Cartolano, vice president of sales and technical services at Mitsubishi Imaging (MPM), points out, image quality is "scary close" to offset.
NewPage said Tuesday it would shut down a paper machine "indefinitely" at the local mill (in Rumford, ME) in mid-February because of tough economic conditions. About 120 workers would be laid off, Local 900 President Ron Hemingway said. The mill employs 830 people.