Verso Reduces Magazine Paper Production Again
Company to cut coated groundwood by 50,000 tons.
A little more than a month after announcing it would cut back its coated groundwood production by 43,000 tons, Verso Paper Tuesday said it would reduce production by an additional 50,000 tons.
According to Verso president and CEO Mike Jackson, the company remains committed to running its manufacturing operations â€śin a manner to achieve a balance between our supply of paper and the demand for paper by our customers.â€ť
Coated groundwood is most commonly used for magazine and catalog paper.
In September, the paper producer said it would transition a paper machine at its mill in Bucksport, Maine to manufacture specialty papers, resulting in a 84,000 tons per year reduction in coated groundwood.
For the first half, Verso reported a net loss of $47.8 million, compared to a $77.6 million loss for the same period in 2007. Meanwhile, revenue $905.5 million, up about 24 percent from the first half last year.