An Ohio paper company that has paper mills in Wisconsin Rapids and Stevens Point is upping its investments this year.
Verso Corp.’s annual capital expenditures for 2019 are expected to be between $100 million and $110 million, which is an increase from $73 million last year, according to a filing with the U.S. Securities and Exchange Commission.
How the funds will be spent was not detailed. Last year the company invested $18 million related to the upgrade/restart of its No. 3 paper machine and pulp line at its Androscoggin Mill in Maine.
Verso, which relocated to Dayton, Ohio, from Memphis in 2017, is coming off a strong year.
The manufacturer’s annual sales grew to $2.7 billion, up 9 percent from the prior year, and its profit jumped from a loss of $30 million to a gain of $171 million.
“Considerable sales growth, materially enhanced profitability and $211 million in debt reduction marked 2018 as a fantastic, banner year in Verso’s history,” Verso CEO B. Christopher DiSantis recently said. Read the full story here.