A shakeup is in store for the paper manufacturing industry.
Verso Paper says it will buy NewPage for $1.4 billion. The boards of directors of both companies have unanimously approved the sale.
Verso officials say the buyout is expected to close in the second half of this year, subject to regulatory approval. Once the sale closes, the combined company will have 11 manufacturing facilities in six U.S. states.
Two of those facilities are in the Upper Peninsula. Verso has a paper mill in Quinnesec, and NewPage operates a mill in Escanaba.