Stakeholders approve Verso merger
Company president expressed optimism about merger’s impact
MADISON, Wis. – Verso Corporation projected that its merger with global paper company BillerudKorsnas AB will close by early April. The merger agreement with its price and terms was approved by Verso’s shareholders in a special March 11 shareholders meeting. More than 98% of voting shareholders voted “yes” to the merger.
Verso President and CEO Randy Nebel expressed optimism regarding the future impact of the merger on Verso’s operations. “We believe our pending combination with BillerudKorsnas will enable our customers and employees to benefit from enhanced opportunities as part of a larger, stronger organization.”
Verso also announced a slight profit for the 4th Quarter of 2021 based on price increases for most of its product lines. The price increases helped to offset decline in product sales volumes driven by paper mills that closed in 2020. The $13 million profit followed losses in 2020, and the improvement of the company’s businesses came in part due to price increase “realization across all (paper) grades including pulp,” according to a company statement.