Type Public company Number of employees 5,200 Parent organization Verso Paper Holdings LLC | Traded as NYSE:VRS Website versoco.com Founded 2006 | |
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Key people David J. PatersonPeter H. Kesser (CEO) CEO Christopher Disantis (1 Feb 2017–) Subsidiaries NewPage Holdings Inc Profiles | ||
Based in Memphis, TN, Verso Corporation (OTC Pink Current: VRS) is a North American producer of coated papers including coated groundwood, coated freesheet, supercalendered and specialty products. The company restructured in 2016 following Chapter 11 bankruptcy. Verso operates eight paper mills in the U.S.
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History
The company was formed in August 2006 when Apollo Global Management purchased the coated and supercalendered paper business from International Paper. In April 2008, Verso conducted an initial public offering and was listed on the New York Stock Exchange. In January 2015, Verso completed its acquisition of NewPage Holdings.
Verso Corporation filed for Chapter 11 bankruptcy on January 26, 2016. Six months later, the company emerged from bankruptcy after restructuring and reducing its debt by $2.4 billion. As of January 2017, the company moved its headquarters from Memphis to Miamisburg, Ohio in a consolidation of offices as the company set a goal of reducing its overhead expenses by 10 percent annually. In January 2017, B. Christopher DiSantis was appointed to become the chief executive officer (CEO) and a director of Verso effective as of February 1, 2017.
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.
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.
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.