Verso Corporation, a leading producer of printing papers, specialty papers and pulp, reported 35% decrease of Adjusted EBITDA amid 10.7% decrease of net sales in 1Q2017 y-o-y (with predecessor). According to the announcement, the company’s net sales accounted for USD 616 million, generating Adjusted EBITDA of USD 26 million in the period (4.2% margin).
B. Christopher DiSantis, Verso Chief Executive Officer, commented:
“Verso is relentlessly pursuing opportunities to successfully adapt to the rapidly evolving coated papers marketplace. We are aggressively reducing our overhead expense by more than 10 percent, and after trimming our mill operational costs by an annualized USD68 million in 2016, we’ve identified another USD 55 million in productivity and cost reduction opportunities this year. In addition, we are evaluating a variety of low-cost machine conversion projects to aid in our repositioning efforts.
As we continue to work with our customers to address their evolving business needs, Verso has launched a series of machine glazed natural kraft products produced at our Androscoggin Specialty mill and we have commercialized many new products across our platform in the first quarter with nearly 100 in the pipeline, 19 of which are already in pre-production.”
In 4Q2016 Verso Corporation reported 50.8% increase of Adjusted EBITDA amid 14.6% decreased of net sales.
Earlier Verso Corporation appointed a new CEO.
About Verso Corporation:
The company is a leading North American producer of printing papers, specialty papers and pulp. Its printing papers are designed primarily for commercial printing, media and marketing applications, including magazines, catalogs, books, direct mail, corporate collateral and retail inserts. Its specialty papers are used primarily for label and converting, flexible packaging and technical paper applications.