Logout
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
Search
My Profile
Login
Verso to lay off more than a quarter of its employees as its idles mills in Minnesota, Wisconsin
Print
MIAMISBURG, Ohio (From news reports) -- Verso Corp. said Tuesday, June 9, that it expects to lay off about 1,000 employees, as it idles idles mills in Duluth, Minnesota and Wisconsin Rapids, Wisconsin this summer, given the accelerated decline in demand for graphic paper given the COVID-19 pandemic.

The company had 3,700 employees as of Dec. 31, 2019.

The paper producer said it expects to idle the Duluth mill by the end of June and the Wisconsin Rapids mill by the end of July, for an indefinite period.

Verso said it is exploring "viable and sustainable alternatives" for both mills, including restarting them if market conditions improve, a sale of the mills or permanent closures. "We expect the idling of these facilities to improve our free cash flow," said Chief Executive Adam St. John.

"The sell through of inventory is expected to offset the cash costs of idling the mills."
 

Related Articles:


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: