Verso Announces Pulp Price Increase

Verso Corporation reported financial results for the first quarter of 2018, including net sales of $639 million, net loss of $2 million, and Adjusted EBITDA of $41 million. "Verso had a good start in the first quarter of 2018, with sales revenue up 4 percent to $639 million, Adjusted EBITDA (a non-GAAP measure) up 58 percent to $41 million, and Adjusted EBITDA margin up 2.2 percentage points compared to the first quarter of 2017," said Verso Chief Executive Officer, B. Christopher DiSantis. "We continued to grow our specialty papers business, now 24 percent of total revenue, and are seeing the benefits of our SG&A cost improvement initiatives, with an improvement of $8 million versus the first quarter of 2017. Looking ahead, we have positioned Verso well to benefit from improved operating rates and are building a better business." Click Read More below for additional information.

Verso Corporation announced that Adam St. John has resigned as President and Chief Executive Officer and as a member of the Board of Directors, effective as of September 30, 2020. The Verso Board of Directors has named Randy J. Nebel, a current member of the Board, as interim President and Chief Executive Officer. Mr. Nebel will also continue to serve as a member of Verso's Board. Verso's Board will commence a search for a permanent President and Chief Executive Officer, and plans to engage a national executive search firm to help identify and evaluate qualified candidates. Mr. Nebel joined Verso's Board in 2019 and has extensive paper and packaging industry knowledge and experience. He previously served as Executive Vice President of Integrated Packing at KapStone Paper and Packaging Corporation, where he oversaw manufacturing and direct customer commercial operations. He was formerly President of Longview Fibre Paper and Packing, Inc. and is a past member of the Board of Directors of the National Association of Manufacturers and the American & Forest Paper Association.

Nine Dragons, Inc. (ND Paper) and Billerud Wisconsin LLC (Billerud) closed on an Asset Purchase Agreement, whereas ND Paper will own and operate Billerud’s Wisconsin Water Quality Center (WQC) and associated landfill and F&E landfill assets. The Water Quality Center is essential component of the Biron facility. The agreement ensures the mill’s uninterrupted production and ND Paper’s Biron facility will remain an integral part of the Wisconsin Rapids community. Five employees are responsible for operating the facility and will be joining the ND Paper team.