Verso Corporation today announced the closure of its paper mill located in Wickliffe, Kentucky. The mill has been idle since November 2015, the result of a continuing and accelerated decline in demand for the company's coated paper products and a significant influx of imports driven by the strength of the U.S. dollar relative to foreign currencies.
The Wickliffe mill has one paper machine with the capacity to produce 285,000 tons per year of coated freesheet, specialty and uncoated paper, and 30,000 tons per year of dried market pulp.
"After an exhaustive, but ultimately unsuccessful effort to find a buyer of our Wickliffe Mill, Verso has made the difficult decision to close the facility," said Verso President and CEO David J. Paterson. "A handful of potential buyers expressed interest in purchasing and continuing to operate the mill, but either offered an unrealistically low purchase price or ultimately chose not to pursue the purchase.
“The decision to close the Wickliffe Mill is aligned with Verso's long-held commitment to balance the supply of our products with our customers' demand for them, and is not related to the company's Chapter 11 proceedings," he said.
Approximately 310 Wickliffe Mill employees were furloughed when the mill was idled in November 2015, while a smaller group remained at the mill to maintain critical systems during the marketing process.
