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NewPage merger deal now official

January 7th, 2015 by WCBC Radio

According to the Cumberland Times News, the Luke Paper Co., formerly owned by NewPage, officially joined Verso Corp. on Wednesday with the completion of Verso’s purchase of NewPage Holdings Inc., a deal valued at approximately $1.4 billion, subject to post-closing adjustments. The Luke mill employs about 800 people and produces coated freesheet papers used for commercial and publication printing as well as coated-one-side papers for label applications. “We’re looking forward to learning more about Verso and what this opportunity will mean for our employees, our mill and this community,” said Luke Mill Manager Rick Watro. “We’ve been preparing for this transition for the last several months, and it’s good to be moving forward.” NewPage agreed to sell off mills in Wisconsin and Maine as part of the deal, according to documents filed by Verso with the Securities and Exchange Commission. Merger plans between the two struggling paper companies were initially announced in January 2014. “I’m very pleased today to be celebrating the combination of Verso and NewPage,” said Verso President and CEO David Paterson. “With today’s announcement, we’ve combined the two companies, each with a rich heritage and diverse strengths. This combination creates new opportunities for employees to be part of a larger, more successful company that is well-positioned to serve customers and generate sustainable financial results.”

Employees at the Luke mill unveiled temporary new Verso banners Wednesday and will host a series of activities over the next several weeks to complete the transition and celebrate the change in ownership.

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