Verso Chief Executive Officer B. Christopher DiSantis said the sale will benefit all parties, including the community, the West Kentucky region and state.
“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,” 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.”
Verso, based in Miamisburg, Ohio, idled the facility in November 2015, furloughing 310 employees, as demand diminished for the mill’s coated paper products. The company closed the mill in July 2016 and worked alongside state and local economic developers to identify and vet potential buyers.
When the deal closes, the Wickliffe mill will become Kentucky’s eighth Chinese-owned facility. Currently, Chinese-owned operations employ approximately 8,200 people statewide, including about 6,000 at the GE Appliance Park in Louisville and 1,600 at Lexmark International in Lexington.
China ranks among Kentucky’s top export destinations, placing fourth through June 2018. Exports to China increased by 60 percent in 2017 thanks in large part to rising demand for Kentucky-made vehicles, the Lincoln Navigator and MKC in particular.
Sen. Danny Carroll, of Paducah, said the arrival of Global Win could be a difference maker for the west Kentucky workforce.
“I want to welcome Global Win to Ballard County and thank the company for bringing much needed jobs back to our region,” Sen. Carroll said. “It says everything about our workforce and the available resources in our area that the company has chosen Wickliffe for its first US operation. It required a lot of people working together to make this project possible, and this promises to be a major boon for west Kentucky.”
Rep. Steven Rudy, of Paducah, said the community is ready for the new opportunity.
“Global Win will be a great fit for west Kentucky, and I look forward to the company thriving in an area with a dedicated workforce that has awaited this type of opportunity for the past two years,” Rep. Rudy said. “The paper mill is an important factor in the Ballard County economy, and its reopening is fantastic news. Thanks to the company and all those who made this project a reality.”
Ballard County Judge-Executive Todd Cooper said the project will positively impact more than just the local region.
“We are so excited Global Win Wickliffe LLC has purchased the Wickliffe Paper Mill,” Judge-Executive Cooper said. “This will be a tremendous job creator and economic engine for the entire Purchase Region and surrounding states. I want to thank Gov. Bevin and the staff of the Kentucky Cabinet for Economic Development for the hard work and effort put forth to help Global Win Wickliffe locate in Kentucky.”
