Verso Paper buying NewPage in $1.4 billion deal

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Associated Press

Posted on January 6, 2014 at 10:01 AM

Updated Monday, Jan 6 at 10:02 AM

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.

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.

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