Verso to lay off more than a quarter of its employees as its idles mills in Minnesota, Wisconsin [MarketWatch]
Verso Corporation (VRS)
Last verso corporation earnings: 2/27 06:30 am
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Source: MarketWatch
Verso Corp. said Tuesday that it expects to lay off about 1,000 employees, as it idles idles mills in Duluth, Minnesota and Wisconsin Rapids, Wisconsin this summer, given the accelerated decline in demand for graphic paper given the COVID-19 pandemic. The company had 3,700 employees as of Dec. 31, 2019. The paper producer said it expects to idle the Duluth mill by the end of June and the Wisconsin Rapids mill by the end of July, for an indefinite period. Verso said it is exploring "viable and sustainable alternatives" for both mills, including restarting them if market conditions improve, a sale of the mills or permanent closures. "We expect the idling of these facilities to improve our free cash flow," said Chief Executive Adam St. John. "The sell through of inventory is expected to offset the cash costs of idling the mills." The stock, which was still inactive in premarket trading, has rallied 19.0% over the past three months, while the Dow Jones Industrial Average has gained 15.6%.
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