Displaying items by tag: verso corporation

Special Meeting of Verso Stockholders to Approve Merger Scheduled for March 11, 2022

Verso Recommends All Stockholders Vote "FOR" ALL Proposals at the Special Meeting

Verso Corporation (NYSE: VRS) ("Verso") today announced the filing of a definitive proxy statement for a special meeting of stockholders, at which Verso stockholders will consider and vote upon various items related to the proposed and previously announced transaction with BillerudKorsnäs AB ("BillerudKorsnäs").

If approved, all Verso stockholders will receive $27.00 per share in cash upon closing of the transaction, representing immediate and certain value at a significant premium. The consideration corresponds to a premium of approximately 57% compared to the unaffected closing price of Verso's shares on July 9, 2021, the day prior to the submission of an unsolicited, non-binding proposal to acquire Verso for $20.00 per share in cash, and a 35% premium over that unsolicited proposal.

verso logo 2017As outlined in the definitive proxy and previously announced, this agreement follows careful consideration and multiple rounds of negotiation led by the Special Committee of our Board which was formed following receipt of the unsolicited proposal. The Board and the Special Committee determined that the BillerudKorsnäs offer was clearly superior to any alternative transaction or the risk-adjusted value that could reasonably be achieved through continued execution of Verso's standalone plan and is confident that the proposed transaction is in the best interests of all Verso stockholders.

The special meeting will be held virtually via live webcast at 10:00 a.m. Eastern Time on March, 11, 2022, and can be accessed by visiting www.virtualshareholdermeeting.com/VRS2022SM. Stockholders of record as of the close of business on the established record date of February 7, 2022, will be entitled to vote their shares at the special meeting. Verso will mail its definitive proxy statement and a proxy card to Verso's stockholders entitled to vote at a special meeting. The Verso Board of Directors unanimously recommends that stockholders vote "FOR" the merger with BillerudKorsnäs as well as the other proposals set forth in the proxy statement.

The transaction is expected to close during the second quarter of 2022, subject to the approval of Verso's stockholders, as well as receipt of regulatory approvals and satisfaction of other customary closing conditions. Regulatory approvals include U.S. antitrust approval as well as approval from relevant state and federal energy regulatory authorities in the U.S.

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 www.versoco.com 

Participants in the Solicitation
Verso and its respective directors and certain of its respective executive officers and employees will be deemed to be participants in the solicitation of proxies in respect of the proposed merger under the rules of the SEC. Information about Verso's directors and executive officers is available in Verso's definitive proxy statement filed by Verso with the SEC on February 8, 2022. This document is available free of charge from the sources indicated above, and from Verso by going to its investor relations page on its corporate website at https://investor.versoco.com/. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the definitive proxy statement and other relevant materials to be filed with the SEC regarding the proposed merger when they become available. Investors should read the definitive proxy statement carefully before making any voting or investment decisions. You may obtain free copies of this document from Verso using the sources indicated above.

Published in North American News
Tagged under

Verso Corporation (NYSE: VRS) ("Verso") has just announced the filing of a preliminary proxy statement for a special meeting of stockholders, at which Verso stockholders will consider and vote upon various items related to the proposed and previously announced transaction with BillerudKorsnäs AB ("BillerudKorsnäs"). If approved, all Verso stockholders will receive $27.00 per share in cash upon closing of the transaction, representing immediate and certain value at a significant premium.

The preliminary proxy statement provides detailed disclosure regarding, among other things, the robust process overseen by the Special Committee, the Special Committee's consideration of indications of value, the fairness opinion received from Rothschild & Co., its financial advisor, regarding the merger consideration and the analysis underlying that opinion, the Special Committee's efforts to seek the best price reasonably available for stockholders, and the Board and the Special Committee's rationale for accepting BillerudKorsnäs' offer as being in the best interests of stockholders.

verso logo 2017As outlined in the preliminary proxy statement and as previously announced, Verso formed a Special Committee of the Board to review an unsolicited proposal from a stockholder in July 2021 and alternatives thereto. In addition to, and prompted by, the initial proposal from the stockholder, Verso received an indication of interest from BillerudKorsnäs, which, following careful negotiations and discussions led by the Special Committee and its advisors, ultimately resulted in a final offer of $27.00 per share in cash. The consideration corresponds to a premium of approximately 57% compared to the unaffected closing price of Verso's shares on July 9, 2021, the day prior to the submission of an unsolicited, non-binding proposal to acquire Verso for $20.00 per share in cash, and a 35% premium over that unsolicited proposal.

The Board and the Special Committee determined that this offer was clearly superior to any alternative transaction or the risk-adjusted value that could reasonably be achieved through continued execution of Verso's standalone plan and is confident that the proposed transaction provides the best alternative for all stockholders.

The Board encourages Verso stockholders to read the preliminary proxy statement which outlines the compelling rationale for consummating this transaction. When available, Verso will file its definitive proxy statement with the SEC, and will mail its definitive proxy statement and a proxy card to Verso's stockholders entitled to vote at a special meeting relating to the proposed merger, seeking their approval of the respective merger-related proposals.

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.

Published in North American News
Tagged under
Monday, 14 June 2021 10:39

Verso Corporation Launches All-New Website

Sees it as symbolic of a bright future ahead

Verso Corporation (NYSE: VRS) has announced the launch of its redesigned website, featuring all-new content that covers numerous topics and areas of interest, from its library of paper promotions to sustainability information and much more.

Verso Logo"At Verso, we saw an opportunity to create a more impactful online presence that's better aligned with our industry leadership and innovative, resilient spirit," said Verso Director of Communications Shawn Hall. "New technology enabled us to build a much more dynamic, user-friendly site for an experience that both informs and inspires."

The new website takes the user through sections for products, careers, sustainability and education—featuring Verso's highly popular Ed® series—as well as investor and customer resources. The showstopper: the product promotion section, which shows visually stunning photo layouts of printed Verso product promotions, many providing the opportunity to order the actual printed piece. "It's just beautiful," said Hall. "A perfect expression of the vibrant future we see for our company."

Visit the site at versoco.com.

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.

Published in North American News
Tagged under

Promotion Provides Tips for Reaching Voters during Political Campaigns

Verso Corporation (NYSE:VRS) has just introduced a new direct mail promotion, Vote for Verso Papers, to create awareness of its extensive 7 & 9 pt. sheetfed, digital, web and inkjet printing papers amongst those designing and printing direct mail for political campaigns. The promotion was printed on a sheetfed printing press on Verso's Anthem Plus® Gloss, 7 pt. cover.

2020 08 27 214222"Direct mail lets you reach the right voters with the right message," said Senior Vice President of Sales and Marketing Aaron Haas. "In fact, mail works well for campaigns looking to reach specific audiences on topics and issues that are just not possible with mass communication, while connecting them to online content that provides more information on a candidate's views."

The promotion includes a chart that helps those designing direct mail select the appropriate print method based on the level of personalization desired and print quantity, and choose the right 7 or 9 pt. Verso paper that meets United States Postal Service (USPS) direct mail requirements.

Haas adds, "Selecting Verso papers for printed collateral is an effective way for all U.S. candidates to convey their important political messaging, while demonstrating to voters that they support U.S. based companies like Verso and U.S. based manufacturing jobs. Moreover, because paper is both renewable and recyclable, using direct mail demonstrates a candidate's commitment to environmental sustainability."

To learn more about Verso's line of direct mail papers, please visit our website versoco.com.

Published in North American News

Verso Corporation has just announced that Matthew M. Archambeau has been appointed Verso's Senior Vice President, Manufacturing and Energy, effective immediately.

logo"I am very pleased to have Matt join our senior leadership team with responsibility for leading our safety, manufacturing and energy strategic initiatives," said President and Chief Executive Officer Adam St. John. "Matt will easily transition into this new position because of his 26 years of extensive experience at Verso in various manufacturing leadership and technical roles, including his current responsibility for our Centers of Excellence."

Mr. Archambeau's previous leadership experience at Verso includes Vice President of the Centers of Excellence/Technology; Mill Manager at Verso's Escanaba, Michigan, mill and former Bucksport, Maine, and Sartell, Minnesota, mills; Director of Manufacturing Support, Memphis, Tennessee; and numerous manufacturing roles at Verso's former Bucksport, Maine mill. 

Mr. Archambeau holds a bachelor's degree in Chemical Engineering from the University of Minnesota – Duluth.

Published in North American News
Tagged under

Verso LogoVerso Corporation (NYSE: VRS) has just announced that Michael A. Weinhold has resigned as President of Verso, effective March 10, 2020.

"On behalf of the entire Board and senior leadership team, I want to thank Mike for his leadership and contributions to Verso's success over the years and wish him the very best in his future endeavors," said Verso's Chief Executive Officer Adam St. John. 

"I am honored to have been part of Verso's senior leadership team since the company's inception in 2006," Weinhold said. "It has been a pleasure working with the many passionate, talented and dedicated people at Verso, and I wish them continued success."

Published in North American News
Tagged under

Verso Corporation (NYSE: VRS), a leading North American producer of coated papers, has just introduced a new promotion for its market-leading No. 3 coated paper, Influence®, titled 30 Years of Influence. Made for Life.

"Over the past 30 years, the Influence® brand has gained a solid reputation with printers because of its consistent quality and unparalleled pressroom performance, printability and runnability," said Verso President Mike Weinhold. "This reputation is largely due to the dedicated and proud Verso workforce that takes personal ownership in making and delivering a high quality product to our customers."

2019 12 04 212920

Influence® is designed to perform on web offset or rotogravure printing presses, is available in a variety of basis weights and finishes, and offered with chain-of-custody certification and recycled content. It is ideally suited for printing applications including publication covers, catalogs, magazines, brochures, direct mail and custom publishing that is targeted to a particular audience or type of consumer.

"Influence® is made in America's northern heartland at our Quinnesec and Escanaba mills in the Upper Peninsula of Michigan, and our Wisconsin Rapids Mill," said Verso Brand Manager Tim Nordin. "These central locations put us close to major Midwest printing hubs such as Chicago, Minneapolis and Detroit, allowing us to service printers with better lead times, greater availability and faster deliveries."

Nordin adds, "Influence® is recognized for its optical properties and excellent surface gloss and smoothness, resulting in truer, more vibrant image reproduction and contrast. In addition, it heightens the sensory experience of print, giving it the touch, feel and eye-grabbing appeal you simply can't get with electronic media. Studies continue to show that print on paper is a highly effective way to reach people and is still a critical part of the marketing media mix. And we can all feel good about using paper because it's made from trees grown in responsibly managed forests, one of earth's most renewable resources."

For more information about Influence®, please visit www.versoco.com

About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at
versoco.com

Published in North American News

Verso Corporation (NYSE: VRS) has just announced that Nancy M. Taylor and Randy J. Nebel have been appointed as independent members of Verso's Board of Directors effective immediately.

Co-Chairman of the Board, Gene Davis, said, "We are very excited to welcome both Nancy and Randy. Each brings exceptional leadership, strategic and operating experience that will further diversify the Board's perspectives and skillsets. Given their vast experience and perspectives, we are confident that they will make immediate contributions to our Board, our stockholders and the company."

Verso LogoWith more than 20 years in senior management, as well as leadership roles in manufacturing and sales, Ms. Taylor brings extensive strategic, finance and corporate governance knowledge to the Board. She served as President and Chief Executive Officer of Tredegar Corporation, a manufacturing company, from February 2010 to June 2015, and currently serves on the board of two other NYSE-listed companies.

Mr. Nebel brings extensive paper and packaging industry knowledge and senior leadership experience to the Board. He served as Executive Vice President of Integrated Packaging at KapStone Paper and Packaging Corporation from January 2017 to November 2018, and previously served on the board of the National Association of Manufacturers.

"We are honored to have these exceptionally talented leaders join our Board," said Co-Chairman of the Board, Alan Carr. "Each of these senior executives brings with them an abundance of experience and a proven track record of business accomplishment and operational excellence. We look forward to benefitting from their guidance and insight as we implement our strategic process and continue in our effort to maximize shareholder value over the long term."

About Verso

Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com.

Published in North American News

Verso Corporation (NYSE: VRS or the "Company") has just announced that it has entered into a definitive agreement to sell its Androscoggin mill, located in Jay, Maine, and its Stevens Point mill, located in Stevens Point, Wisconsin, to Pixelle Specialty Solutions LLC for $400 million, subject to post-closing adjustments.

The sale, which has been unanimously approved by the Company's Board of Directors (the "Board"), is subject to and conditioned upon the receipt of approval from the Company's stockholders at a special meeting of stockholders, as well as certain regulatory and other customary approvals. The transaction is anticipated to be completed in the first quarter of 2020.

Verso LogoGene Davis, Co-Chairman of the Board, stated "We have undergone a thorough and comprehensive strategic process and firmly believe that the sale of these two mills at the agreed upon terms and conditions is in the best interests of the Company and our stockholders. We could not be more pleased by the efforts of the entire Senior Leadership Team and of Les Lederer, our Interim Chief Executive Officer since April."

Net cash proceeds of the transaction are anticipated to be approximately $336 million, after the assumption by Pixelle of approximately $35 million of pension liabilities, anticipated working capital adjustments, and the payment of transaction related expenses.  The Board intends to return a significant portion of the net proceeds to stockholders either by way of dividend or share repurchase, conducted either by way of modified Dutch tender offer, accelerated share repurchase program or open market purchases, and to determine and announce the amount and form of such return promptly following the closing of the transaction. In addition, Verso will utilize approximately $54 million of the net proceeds to reduce a portion of its unfunded pension liability. Any remaining net proceeds will be used for general corporate purposes while the Board continues its ongoing review of the Company's strategic alternatives.

Verso today also announced that Adam St. John had been named as the Company's Chief Executive Officer and appointed as a member of the Board.  Mr. St. John has been Senior Vice President of Manufacturing for all Verso mills and a long-standing member of the Senior Leadership Team.  Prior to joining the Company, Mr. St. John served in a senior management capacity at Georgia Pacific.  Mr. Lederer will continue to serve as a Senior Transaction Advisor to the Company.

Alan Carr, Co-Chairman of the Board, further stated:  "With almost three decades of paper industry experience and more than a decade of experience with Verso, we are confident that Adam is the right choice to lead the Company consistent with our strategic focus.  Under Adam's guidance, we expect that our remaining mills will generate sufficient EBITDA and cash flow to permit the Company to enhance its competitive market position, so as to create future growth and other opportunities."

Houlihan Lokey acted as financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to the Company in connection with the transaction.

About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at www.versoco.com 

Participants in the Solicitation
The Company, its directors, executive officers and other persons related to the Company may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the proposed transaction. Information about the directors and executive officers of the Company and their ownership of Company common stock is set forth in the Company's Annual Report on Form 10-K for the year ended December 2018, as amended on April 30, 2019. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when such materials become available.

Published in North American News

American Product. American Jobs. American Pride.

Verso Corporation, a leading producer of coated papers, has just introduced a new promotion for its economy coated paper, Anthem Plus®, titled Anthem Plus®. Solid Performer. The promotion features the product's satin finish and matching digital companion, Blazer Digital®.

"Anthem Plus® is the all-American economy coated paper with all the qualities and performance commercial printers want at the price they need," said Verso President of Graphic and Specialty Papers Mike Weinhold. "It has 92-bright, blue-white optics in gloss and satin finishes, from 60 lb. text to 130 lb. cover. It also offers USPS-compliant 7 pt. and 9 pt. basis weights and a matching digital product, Blazer Digital®. Anthem Plus® is made with pride right here in the U.S., supporting local economies and American jobs. That's why it's known as the all-American product."

The promotion demonstrates the print quality of Anthem Plus® Satin 100 lb. text and cover and includes crossover pages showcasing the compatibility of Blazer Digital® Satin 100 lb. text. With beautiful solids and brilliant reproduction, Anthem Plus® and Blazer Digital® are the go-to economy coated stocks for offset and digital applications.

2019 09 19 220848

"Anthem Plus® is a great sheet that comes with Verso's superior service and immediate availability, which means our customers get what they need, when and where they need it," said Verso Brand Manager Tim Nordin. "With more than 200 Anthem Plus® SKUs in our warehouses across the country, we're ready to meet our customers' needs day-in and day-out, even when demand surges. Verso is willing and able to quickly cut custom sizes of Anthem Plus® to meet our customers' just-in-time delivery needs."

"Verso's paper mills have served the toner market with the very best in coated papers for more than two decades, delivering digital papers expertise, dedicated production capacity and the broadest digital papers product portfolios in the industry," said Verso Brand and Product Manager Michelle Garrett. "Blazer Digital® is an economical, 92-bright coated digital paper with basis weight and finish choices similar to Anthem Plus®."

Anthem Plus® has the flexibility to perform in virtually every sheetfed printing application, including direct mail, brochures, catalogs, posters, newsletters, calendars, bill stuffers, flyers and manuals. It is available with post-consumer recycled fiber, complies with Lacey Act requirements and is chain-of-custody tri-certified to the Forest Stewardship Council® (FSC® - C014984 -BV-COC-953662), Programme for the Endorsement of Forest Certification™ (PEFC™ - BV-PEFCCOC-US09000012), and Sustainable Forestry Initiative® (SFI® - BV-SFICOC-US09000011) standards.

To learn more about Anthem Plus® and Blazer Digital®, please visit versoco.com.

About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com

SOURCE Verso Corporation

Published in North American News
Page 1 of 2