Global Win Wickliffe to Reopen Former Verso Paper Mill in Kentucky

According to a report this past week (Aug. 16, 2018) by WKYT (Lexington, Ky., USA) a Chinese company says it will buy a shuttered western Kentucky paper mill and reopen it by the end of this year.

Global Win Wickliffe signed a purchase agreement August 16 for the former Verso mill in Ballard County. Governor Matt Bevin's office said in a news release that the company plans to invest $150 million and hire 500 people.

Company officials say they plan to produce pulp and brown paper for packaging use at the site.

The announcement comes days after Bevin met with Chinese Ambassador Cui Tiankai. Bevin said only seven Chinese companies have facilities in Kentucky. Bevin said he hopes to increase that to 200 companies over the next two decades.

A similar report by WPSD (Paducah, Ky.) said that Global Win Wickliffe is purchasing the former mill for approximately $16 million.

"Verso is very pleased to enter into this purchase agreement to sell our Wickliffe subsidiary and the associated assets, which will generate cash and eliminate our annual carrying costs of the mill," Verso CEO Christopher DiSantis said. "The transaction is also a victory for the local community and state of Kentucky, which will benefit from future investment in the site."

TAPPI
http://www.tappi.org/