WISCONSIN RAPIDS, WI (WTAQ) – About 1,300 paper company employees in central Wisconsin are working for new owners.
The Verso Paper Corporation completed its purchase Wednesday of New Page Holdings — which includes paper mills in Wisconsin Rapids and Stevens Point, and a research facility in Biron.
It took just over a year to finalize the deal, after Verso announced it on January 6th of 2014. The purchase price was $1.4 billion.
New Page was the largest maker of coated papers in North America. Verso, based in Memphis, was the second-biggest.
The proposed merger triggered an anti-trust review, which resulted in agreements to sell two mills located in Biron and the state of Maine. They were sold to the Catalyst Paper Corporation of Richmond British Columbia.
The Biron deal was finalized Wednesday. That plant employs over 400 people.
(Story courtesy of Wheeler News Service)
