Verso to Amend Grade Offering

‘We will offer packaging that does not yet exist’, said Koehler CEO Kai Furler in an interview with the newspaper F.A.Z. at the beginning of 2018. Some readers will have wondered where he got the self-confidence for this bold statement from. On the one hand, it shows great confidence in the company’s research and development. But it also anticipated what was announced a year later, in January 2019: the founding of the Green Coating Collaboration, a joint laboratory between Koehler and Darmstadt Technical University. The name already hints at the institution’s field of activity. The focus is on barrier coatings that can give flexible packaging paper properties that previously only plastic could offer. These include mineral oil barriers, water vapour barriers or barriers for oils and fats, as well as aroma barriers. ‘We are conducting fundamental research in the Green Coating Collaboration’, explains Dr. Markus Wildberger, Head of Technology at Koehler. ‘Our goal is to find and test more sustainable, bio-based raw materials for barrier coating in order to ultimately use them on production line 8. It is important not to use raw materials that could potentially be used as food. After all, our packaging material should not compete with food for land.’

Third Quarter Highlights *Net sales of $190.7 million increased 18 percent versus the second quarter with strong rebounds in each segment. *Filtration revenues increased 9 percent versus the prior year and contributed to a $3 million year-on-year increase in Technical Products operating income. *Consolidated operating income of $13.9 million compared with $19.0 million in the prior year. Excluding adjusting items of $2.0 million in 2020 and $2.5 million in 2019, operating income increased $15.4 million versus the second quarter, but declined from $21.5 million in 2019 to $15.9 million in 2020. *Cash generated from operations of $36.8 million increased from $33.4 million in the prior year as a result of actions in 2020 to carefully manage working capital and reduce spending. *Liquidity of $182 million as of September 30, 2020 increased from $159 million as of June 30, 2020.

Please be advised that, effective with shipments November 1, 2017, Catalyst Paper will be implementing a $2.00/cwt. ($40/ST) USD price increase on its Rumford Offset grade for new and existing orders. This increase applies to all basis weights, finishes and grade extensions.