ESCANABA – The Escanaba Paper Company was sold to Verso Corporation today with the completion of Verso’s purchase of NewPage Holdings Inc., a deal valued at $1.4 billion.

“We’re looking forward to learning more about Verso and what this opportunity will mean for our employees, our mill and this community,” said Mill Manager Roger Rouleau. “We look forward to the new opportunities and innovation this merger will bring to our mill.”

The new company is expected to produce $3.5 billion in annual sales with 5,800 employees in eight mills across six states. The mill in Escanaba employs about 915 people and produces coated paper. Verso already had an Upper Peninsula plant in Quinnesec.

Verso’s plans to purchase NewPage, including the Escanaba mill, were originally announced Jan. 6, 2014. The company announced in December that it reached a settlement with the U.S. Department of Justice that allowed the purchase to proceed.

“I’m very pleased today to be celebrating the combination of Verso and NewPage,” said Verso President and CEO David Paterson. “With today’s announcement, we’ve combined the two companies, each with a rich heritage and diverse strengths. This combination creates new opportunities for employees to be part of a larger, more successful company that is well positioned to serve customers and generate sustainable financial results.”

Employees at the Escanaba mill will be participating in a series of activities during the next several months to complete the transition.

As part of the sale, Verso changed its name from Verso Paper Corporation to Verso Corporation. The company said it symbolizes Verso’s intention to broaden its business platform and seek alternative revenue streams to augment its core
printing papers, specialty papers and pulp segments.