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Verso Paper Buying NewPage in $1.4 Billion Deal

Updated: 01/07/2014 12:02 AM
Created: 01/06/2014 11:55 AM WDIO.com

NEW YORK (AP) - Coated papers maker Verso Paper is buying NewPage Holdings Inc. in a deal valued at $1.4 billion including debt.

Privately held NewPage produces printing and specialty papers.  It owns the paper mill in Duluth, which has about 275 employees.

Verso President and CEO David Paterson said in a statement on Monday that the buyout will put it in a better position to face increased competition. Paterson will lead the combined company, which will have 11 manufacturing plants in six states.

A NewPage director will join Verso's board at closing.

The deal was unanimously approved by both companies' boards. It is targeted to close in the second half of the year.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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