UP paper mill company merges with Swedish pulp and paper manufacturer

Verso Corporation (PRNewsFoto/Verso Corporation)
Verso Corporation (PRNewsFoto/Verso Corporation)
Published: Dec. 19, 2021 at 10:47 PM EST
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MIAMISBURG, Ohio (WLUC) - The parent company of two UP paper mills is merging with a Swedish pulp and paper manufacturer.

BillerudKorsnäs AB will acquire all of the outstanding shares of Verso Corporation for a purchase price of $27 per share or approximately $825 million.

According to Verso, the transaction is expected to close in the second quarter of 2022.

The manufacturing company then plans on converting Verso’s largest facility, its Escanaba mill, into a world-class, sustainable, fully integrated paperboard production site.

One machine is estimated to be converted by 2025, a second machine by 2029, with a total capacity of around 1,200,000 tons.

BillerudKorsnäs estimates that the conversion project will cost up to $1 billion.

The manufacturing company also plans to continue operating the Quinnesec Mill.

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