Verso Paper To Purchase NewPage
Verso Paper Company, the owner of the quality paper producing mill in Bucksport will soon acquire NewPage Holdings Inc., a company that produces 3.5 million tons of paper annually. Verso Paper Company produces 1.5 tons per year. NewPage is currently based in Ohio. Verso will pay $900 million for NewPage.
According to an article in the Kennebec Journal, Dave Patterson, CEO of Verso said, "We continue to face increased competition from electronic substitution for print and international producers, but as a larger, more efficient organization with a sustainable capital structure, we will be better positioned to compete effectively and deliver solid results despite the industry’s continuing challenges,”
Both companies together will have combined sales of $4.5 billion.
Power in numbers.