Verso expects to idle duluth mill & wisconsin rapids mill, resulting in layoff of about 1,000 employees

Verso announces necessary actions to offset unprecedented market decline due to covid-19.verso corp - will indefinitely idle paper mills in duluth, minnesota, and wisconsin rapids, wisconsin.verso - exploring alternatives for paper mills in duluth, wisconsin including restarting if market conditions improve, marketing for sale/closing permanently.verso - decision to reduce production capacity driven by accelerated decline in graphic paper demand resulting from covid-19 pandemic.verso corp - expect idling of facilities to improve free cash flow.verso corp - sell through of inventory is expected to offset cash costs of idling mills.verso - expects to idle duluth mill by end of june 2020, wisconsin rapids mill by end of july 2020, resulting in layoff of about 1,000 employees.verso corp - will continue to supply graphic & specialty papers in roll & sheet form, as well as packaging papers and pulp.
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