Paper Maker Settles With Justice Department Over Acquisition

31 Dec 2014 | Author: | No comments yet »

Franklin County courts.

Verso Paper Corp. (VRS:US), an unprofitable paper maker controlled by Apollo Global Management LLC, must sell two mills to proceed with a planned acquisition of NewPage Holdings Inc. (NPGW:US), the U.S. The mills are in Rumford, Maine, and Biron, Wisconsin, and have a combined production capacity of about 940,0000 tons, the Justice Department said today in a statement. The company announced Wednesday, Dec. 31, that the terms require NewPage to sell its paper mills in Biron, Wis., and Rumford, Maine, to a subsidiary of Catalyst Paper Corp., a move both companies had announced in October.

Verso, which is based in Memphis, faces declining demand for its coated paper used in magazines amid the rising popularity of tablet computers and e-readers. Upon the completion of the NewPage acquisition, Verso will have about $3.5 billion in annual sales and employ about 5,800 people in eight mills across six states, according to the news release. Rhonda Lynn Drake, 43, Farmington, acquiring drugs by deception, Aug. 1, 2013, in Farmington; $400 fine, two years’ Department of Corrections, all suspended, two-year probation. At the same time, the United States filed a proposed settlement that, if approved by the court, will resolve the lawsuit and enable the transaction to proceed.

For example, Verso and NewPage would have had about 70 percent of the market for coated label paper in the two countries. “Today’s proposed settlement will ensure that consumers benefit from continuing competition in the sale of coated paper, Assistant Attorney General William J. Duval, 25, San Clemente, Calif, four counts theft by unauthorized taking or transfer, all on Jan. 28, 2012, all in Jay; unconditional discharge for all four counts.

Toby Montgomery, 49, Frankfort, operate all terrain vehicle (ATV) on land or another without permission, Oct. 14, 2014, in Seven Ponds Township; $100 fine.

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