JAY, Maine — Tennessee-based Verso Paper Corp. is announcing completion of its acquisition of its larger rival NewPage Holdings in a $1.4 billion deal.
The Portland Press Herald reports the acquisition will affect Verso's Jay mill and the former Rumford NewPage mill. The federal Department of Justice required Verso to sell off the Rumford mill because of antitrust concerns. Verso announced a deal to sell the 700-employee Rumford mill to Canada-based Catalyst Paper Corp. in October.
Verso and NewPage announced plans to merge in January 2014. The merger leaves Verso with approximately $3.5 billion in annual sales and 5,800 employees in six states.
Verso recently closed its mill in Bucksport and has announced its sale to a Canadian metal recycler. Gov. Paul LePage called the closure a "terrible disappointment" on Thursday.