AM I NEXT? NO LOVE AT VERSO CORPORATION

Miamisburg, Ohio-based Verso Corporation, a producer of coated papers and paper specialty products,has announced that it will be
indefinitely ceasing paper production and shutting down its paper mills in Wisconsin Rapids, Wisconsin and Duluth, Minnesota.

The decision was driven by the instability of the paper markets as well as activist investors.

The layoff will impact approximately 1,000 employees commencing at the end of June 2020 for the Duluth mill and the end of July 2020 for the mill in Wisconsin Rapids.

There is little doubt that the company is being influenced by its activist investors as a company spokesperson explains that the company is "exploring viable and sustainable alternatives for both mills. Options include restarting the mills if market conditions improve, selling the mills, or closing them permanently. "We expect the idling of these facilities to improve our free cash flow. The sell through of inventory is expected to offset the cash costs of idling the mills."

The company already sold their Androscoggin mill in Stevens Point, Wisconsin and another one in Jay, Maine to Pixelle Specialty Solutions LLC, a Pennsylvania-based paper company.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?