Verso Paper to Reduce Coated Groundwood Paper Production
Memphis, Tennessee, USA, 25 September 2008 – Verso Paper Corp. (NYSE: VRS) today announced that it intends to take approximately 30,000 tons of downtime related to coated groundwood production during the fourth quarter of 2008. Initially, approximately 9000 tons of downtime will be taken at its Sartell mill in Minnesota over a two-week period beginning on 05 October 2008. The specific timing and facilities affected to achieve the remainder of this curtailment will be determined during the fourth quarter. This downtime is in addition to the approximately 13,000 tons of coated groundwood downtime that Verso took at its Bucksport mill in Maine earlier in September. Verso’s coated groundwood paper is used in leading catalogs and magazines.
“As we said back in July, we are committed to running our manufacturing operations in a manner to achieve a balance between our supply of paper and the demand for paper by our customers,” said Mike jackson, Verso president and CEO. “Based on what we currently see relative to demand and current inventory levels, this additional downtime will help us maintain that balance.”
Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and 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. Additional information about Verso is available at www.versopaper.com.