Wis. tissue manufacturer purchases Verso Duluth mill
The transaction closed May 17 and is expected to employ 80 when it reopens
Update:
MADISON, Wis. -- Verso Corporation announced the sale of its Duluth, Minnesota paper mill to S.T. Paper of of Oconto Falls, Wis. on May 17. S.T. has said that it will invest $25 million in conversion of the mill from making super-calendared paper to tissue.
Randy Nebel, President and CEO of Verso said, “We are pleased to have found a buyer who plans to operate the Duluth mill in the future, providing local employment opportunities and serving the local business community and residents of the Duluth area."
Verso closed the Duluth mill and a much larger one in Wisconsin Rapids, Wisconsin last June.
A cooperative of forest products businesses is working to purchase the Wisconsin mill.
ST also is applying for a $3 million forgivable loan from the state of Minnesota.
ST has committed to employing at least 80 people at the Duluth mill when it reopens. Verso employed about 190 people at the mill prior to its June, 2020 closure. Employment at the Wisconsin Rapids mill was about 900.
