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NewPage merger moving forward

January 2nd, 2015 by WCBC Radio

With antitrust issues resolved, the merger between Verso Paper and NewPage should be completed this month. The Cumberland Times News reports NewPage will 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.  NewPage owns the Luke paper mill, which employs about 800 people. Verso is purchasing NewPage. “The combination of Verso and NewPage will create a stronger, more stable company that will be better positioned to serve our customers and compete in a competitive global marketplace,” said David J. Paterson, Verso’s president and chief executive officer. “We are pleased that we were able to address the concerns of the Justice Department while preserving the benefits of the transaction for our stockholders and customers.” The deal was sealed when the U.S. Department of Justice agreed to a plan to work out antitrust concerns in a settlement with Verso on Dec. 31, 2014. The deal involves the filing of a lawsuit

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