Verso Paper plans to close its office in West Chester, Ohio, and consolidate Ohio operations into central location at NewPage's office in Miamisburg, Ohio, following Verso's acquisition of NewPage; Verso will keep its corporate headquarters in Memphis
June 5, 2014
– Verso West Chester Office Will Close
Verso Paper Corp. (NYSE: VRS), a leading North American producer of coated papers, today announced plans to consolidate its existing West Chester office and the NewPage Miamisburg office into a single Ohio Operations Center. The Ohio Operations Center will be located in the existing Miamisburg facility shortly following the completion of Verso's pending acquisition of NewPage expected later this year. Verso's corporate headquarters will remain in Memphis, Tenn.
Verso's West Chester office currently houses about 55 employees in customer-facing and Information Technology functions. "We're committed to presenting a single face to our customers on Day 1," said Mike Weinhold, Verso's senior vice president of Sales, Marketing and Product Development. "Quickly co-locating our teams will help ensure we deliver on our promise of a seamless transition for customers."
The NewPage Miamisburg office is located at 8540 Gander Creek Drive, about 20 miles north of West Chester. "While we understand this will be an adjustment for our West Chester employees, we plan to do our best to minimize the potential disruption that such a move entails," Verso's Vice President of Human Resources Kenny Sawyer said. "We conducted a thoughtful and rigorous analysis of our options for a single Ohio Operations Center. Ultimately, our decision was based on a combination of financial, logistical and employee considerations that led us to select Miamisburg as the best option."
Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and specialty products. Verso is headquartered in Memphis, Tenn., and owns three paper mills in Maine and Michigan. Total production capacity generated from these mills is 1.5 million tons of paper and 930,000 tons of pulp. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on its website at www.versopaper.com.
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend" and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
Source: Verso Paper Corp.