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Verso to Cut Coated Paper Production in 2009

Dec. 23, 2008 - Verso Paper said that it intends to take approximately 100,000 tons of downtime related to coated groundwood production during the first half of 2009.

The facilities where the downtime will be taken and the timing of the downtime will be determined as the first half of 2009 progresses, Verso said.

Approximately 85,000 tons of the downtime will be in response to market conditions in the coated paper industry, with the balance being related to planned maintenance outages, the company noted.

"As we have demonstrated throughout 2008, we remain committed to running our manufacturing operations in a manner that attempts to achieve a balance between our supply of paper and the demand for paper by our customers," said Verso president and CEO Mike Jackson. "Based on what we currently see relative to coated groundwood demand and inventory levels, this additional downtime is necessary to help us maintain that balance.

"We believe that the downtime will not have any impact on Verso’s ability to supply coated groundwood paper to our customers, as we have ample production flexibility to meet changing demand,” Jackson added.

SOURCE: Verso Paper




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