Verso Corporation To Idle Paper Mills In Minnesota, Wisconsin Miamisburg, Ohio based Verso Corporation announced that it is taking immediate actions to offset unprecedented market decline due to the COVID-19 pandemic. The com- pany will indefinitely idle paper mills in Duluth, Minnesota, and Wisconsin Rapids, Wisconsin. The company will ex- plore viable and sustainable alternatives for both mills, in- cluding restarting if market conditions improve, marketing for sale or closing permanently. The decision to reduce production capacity is driven by the accelerated decline in graphic paper demand result- ing from the COVID-19 pandemic. “It is critical that we maintain a healthy balance sheet and focus on cash flow, while balancing our supply of products and our customers’ demand,” said President and Chief Executive Officer Adam St. John. “After a compre- hensive review of post-pandemic demand forecasts and capacity, we made the difficult decision to idle the Duluth and Wisconsin Rapids mills. We expect the idling of these facilities to improve our free cash flow. The sell through of inventory is expected to offset the costs of idling the mills.” Verso expects to idle the Duluth Mill by the end of June 2020. The Wisconsin Rapids Mill location will be idle by the end of July 2020. These will result in the layoff of ap- proximately 1,000 employees.
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www.boardconvertingnews.com
June 15, 2020
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