Verso Corporation
| Public company | |
| Traded as | NYSE:VRS |
| Industry | Pulp and Paper |
| Founded | 2006 |
| Headquarters | Memphis, USA |
Key people | David J. Paterson (President and CEO) |
| Products | pulp, paper and process industries |
Number of employees | 5200 |
| Parent | Verso Paper Holdings LLC |
| Website | www.versoco.com |
Based in Memphis, TN, Verso Corporation (OTC Pink Current: VRS) is a leading North American producer of coated papers including coated groundwood, coated freesheet, supercalendered and specialty products. 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.
Verso operates eight paper mills in the U.S., located in Jay, Maine; Duluth, Minnesota; Escanaba, Michigan; Luke, Maryland; Quinnesec, Michigan; Stevens Point, Wisconsin; Wickliffe, Kentucky; and Wisconsin Rapids, Wisconsin. These mills have a combined annual capacity of approximately 3.6 million tons of paper. Verso's customer service team is located in Miamisburg, OH.
History
The company was formed in August 2006 when Apollo Global Management purchased the coated and supercalendered paper business from International Paper.[1][2] In April 2008, Verso conducted an initial public offering and was listed on the New York Stock Exchange.[3] In January 2015, Verso completed its acquisition of NewPage Holdings.[4]
Verso Corporation filed for Chapter 11 bankruptcy on January 26, 2016.[5] Six months later, the company successfully emerged from bankruptcy after restructuring and reducing its debt by $2.4 billion.[6]
Sustainability
Verso publishes an annual sustainability report which includes detailed information on sustainability performance and initiatives as outlined in Verso's sustainability policy.[7]
Responsible Fiber Procurement
As stated in their fiber procurement policy,[8] Verso is committed to using only wood fiber from sustainably managed forests. Verso recognizes credible third-party forest certification standards which verify that the perpetual growing, harvesting and regeneration of trees is successfully integrated with the protection of wildlife and wildlife habitat, plants, soil, air and water quality. These standards include the Forest Stewardship Council(FSC-C019085), Sustainable Forestry Initiative(SFI), Canadian Standards Association(CSA), Programme for the Endorsement of Forest Certification(PEFC), American Tree Farm System(ATFS) and most Master Logger(ML) standards. Verso is committed to help increase the overall amount of certified fiber in the global marketplace. Verso announced on December 13, 2011 their partnership for more certified acres in Maine.[9] Verso participates in the Environmental Paper Assessment Tool (EPAT) which allows buyers and sellers of paper products to evaluate the environmental performance data along the paper supply chain.
Energy
Verso's three-pronged energy strategy seeks to reduce overall energy consumption, generate more green energy from renewable biomass and reduce carbon footprint. In November 2009, the United States Department of Energy (DOE) awarded Verso a $9.3 million grant to develop waste energy recovery technologies.[10] Verso announced on December 3, 2009 its participation in the DOE's Save Energy Now Leader Program.[11]
Awards
In 2008, Verso received the Environmental and Energy Achievement Award from the American Forest and Paper Association for its work with the Bucksport Environmental Innovation Partnership.[12]
In 2009, Verso received the 2009 Southeast Regional Green Business Innovator of the Year award. [13]
In 2010, Verso received the Sustainable Forestry Initiative (SFI) President’s Award for its partnership efforts to promote sustainable forest management principles and initiatives in Maine.[14]
In 2015, Verso Paper’s Quinnesec Mill was awarded the Michigan Voluntary Protection Program (MVPP) Star award by the Michigan Occupational Safety and Health Administration (MIOSHA) for the fifth time.[15]
References
- ↑ "International Paper to Sell Unit for $1.4 Billion". Los Angeles Times. June 6, 2006.
- ↑ Peg Brickley (January 26, 2016). "Verso Corp. Files for Chapter 11 Bankruptcy Protection". The Wall Street Journal.
- ↑ "Verso sets I.P.O. range". New York Times. April 29, 2008.
- ↑ "Verso Corp. Completes Its Acquisition of NewPage, Will Report $3.5B in Annual Sales". Printing Impressions. January 7, 2015.
- ↑ Brickley, Peg (January 26, 2016). "Verso Corp. files for bankruptcy". MarketWatch. The Wall Street Journal. Retrieved May 5, 2016.
- ↑ "Verso Successfully Emerges from Bankruptcy". PR Newswire. July 15, 2016.
- ↑ "Verso Paper Corp. Reports 2013 Sustainability Progress in "Our Sustainable Identity" ]". Market Wired. April 30, 2014.
- ↑ "Our Wood Fiber Procurement Policy]". versoco.com.
- ↑ "Verso in Partnership for more Certified Acres in Maine". Paper Age. December 13, 2011.
- ↑ Ben Hanstein (November 4, 2009). "Verso Paper receives $9.3 million for energy efficiency improvements". Daily Bulldog.
- ↑ "Verso Participates in DOE's Energy Saving Program". RISI. December 3, 2009.
- ↑ "Verso Paper Receives Environmental Award". Green Atom. July 15, 2008.
- ↑ "Verso Receives Green Business Innovator of the Year Award". Naylor Network.
- ↑ "Verso Paper Receives Award". Print+Promo date=September 28, 2010.
- ↑ Wil Hunter (December 23, 2015). "Verso Paper Corp. Quinnesec Mill receives Michigan's most prestigious worker safety and health award". Upmatters.