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Verso Plans to Take Coated Groundwood Downtime

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  Published in House and Home on Monday, December 22nd 2008 at 13:36 GMT, Last Modified on 2008-12-22 13:37:44 by Market Wire
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MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Verso Paper Corp. (NYSE:VRS) announced today that it intends to take approximately 100,000 tons of downtime related to coated groundwood production during the first half of 2009. The facilities where the downtime will be taken and the timing of the downtime will be determined as the first half of 2009 progresses. Approximately 85,000 tons of the downtime will be in response to market conditions in the coated paper industry, with the balance being related to planned maintenance outages. Verso's coated groundwood paper is used in leading catalogs and magazines.

"As we have demonstrated throughout 2008, we remain committed to running our manufacturing operations in a manner that attempts to achieve a balance between our supply of paper and the demand for paper by our customers. Based on what we currently see relative to coated groundwood demand and inventory levels, this additional downtime is necessary to help us maintain that balance," said Verso President and CEO Mike Jackson. He added, "We believe that the downtime will not have any impact on Verso's ability to supply coated groundwood paper to our customers, as we have ample production flexibility to meet changing demand."

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on our Web site at [ www.versopaper.com ]. References to "Verso" or the "company" mean Verso Paper Corp. and its consolidated subsidiaries unless otherwise expressly noted.

Forward-Looking Statements

In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend" and similar expressions. Specifically, all statements herein relating to Verso's plans for taking coated groundwood downtime in the first half of 2009 are forward-looking statements. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.