JAY — Four contractors at the Verso Androscoggin Mill were taken to a hospital and employees working on paper machines left the mill Wednesday morning after a valve was left open allowing chlorine dioxide gas to be released. Company spokeswoman Kathi Rowzie said the gas was detected by sensors and the four contractors were taken to the […]
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Posted inBusiness, sj-web
Verso announces new investments in Jay mill
JAY — Verso Corp. announced new investments in specialty paper at its Androscoggin Mill on Wednesday, at the same time saying the company is aiming to re-position the mill to focus only on specialty paper. The mill currently produces a mix of coated paper, often used in marketing and catalogs; uncoated paper, often used for […]
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Posted inBusiness, Franklin, sj-web
Verso to gain $42 million in settlement with Canadian paper industry
U.S. Sen. Susan Collins, R-Maine, is praising a recent decision by the U.S. Department of Commerce that allows the Verso mill in Jay to reach a settlement with the Canadian paper industry. Earlier this year, Verso Corp., owner of the paper mill in Jay, entered into an agreement with Canadian paper producers that might well […]
Posted inBusiness, Franklin, sj-web
Verso posts $30 million loss for 2017 as it invests in Jay mill
Verso Corp. reported a $30 million net loss in 2017, but expects sales to improve this year thanks, in part, to increased production of specialty products at its paper mill in Jay. The company had a “difficult start” to 2017, but had a strong turnaround in the second half of the year and is in […]
Posted inBusiness, sj-web
Verso upgrading paper machine, adding 120 jobs at Androscoggin Mill
JAY — Verso Corp. announced a $17 million project Thursday that will upgrade the No. 3 paper machine and create 120 full-time jobs. The announcement coincided with news from the Maine Technology Institute that Verso had won a $4 million challenge grant toward the Androscoggin Mill project. The company had idled the No. 3 machine […]
Posted inBusiness
Major investor in Verso sells off significant lot of shares
A major investor in Verso, owner of the paper mill in Jay, sold off more than $18 million worth of shares in the first two weeks of January, just months after expressing frustration with returns on the investment. On the heels of those transactions, Verso Corp. announced Tuesday, days after the major investor sold off more […]
Posted inFranklin, Lewiston-Auburn
State lowers Jay valuation for third consecutive year
JAY — Maine Revenue Services has reduced the town’s state certified valuation by $61.55 million for 2016 and 2017, and 2018 proposal because of downsizing at the Verso Corp.’s Androscoggin Mill. The town applied for a reduction through the state’s Sudden and Severe Disruption of Valuation Program in 2017. It is the third consecutive year […]
Posted inFranklin, sj-web
Verso forms strategic committee which could consider mill sale
A truck leaves Verso Mill in Jay. JAY — Verso Corp. announced Thursday that its board of directors, as part of its ongoing efforts to maximize stockholder value, has formed a Strategic Alternatives Committee. The announcement follows two days after shareholders linked to investor Jason Mudrick reported being “deeply frustrated with the board’s inaction to […]
Posted inFranklin, sj-web
Frustrated shareholders ask board to consider selling Verso paper mill in Jay
According to a Securities and Exchange Commission filing, investors are advocating selling the Androscoggin Mill in Jay. JAY — Shareholders frustrated with returns from the Androscoggin Mill are considering selling the operation. The Morning Sentinel reports investors are considering selling the Androscoggin Mill in Jay. According to a Securities and Exchange Commission filing, shareholders with […]
Posted inFranklin
Jay's tax rate climbs $1.40
JAY — Selectpersons voted 4-1 Tuesday to set the tax rate for 2017-18 at $22.50 per $1,000 of property valuation, an increase of $1.40 from last year. Chairman Terry Bergeron, Vice Chairman Tim DeMillo and Selectpersons Keith Cornelio and Gary McGrane voted in favor of the rate. Selectperson Judy Diaz opposed because she believed they […]