Verso Corporation completes buyout of NewPage

Verso Corporation completes buyout of NewPage

ESCANABA — After a year of waiting, a major change to the paper manufacturing industry is complete. Verso has completed its $1.4 billion purchase of NewPage.

That means the Escanaba paper mill that NewPage owned until now will operate under the Verso umbrella. Verso already has a paper mill in Quinnesec.

The combined company now has eight manufacturing facilities in six U.S. states.

The Escanaba mill employs more than 900 people and produces coated paper. Employees will be participating in activities during the next several months to complete the transition.

Now that the sale is complete, Verso Paper has also changed its name to Verso Corporation. Verso announced the pending buyout of NewPage a year ago Tuesday.