Verso Corporation announced that it has entered into a definitive agreement to sell its Androscoggin mill, located in Jay, Maine, and its Stevens Point mill, located in Stevens Point, Wisconsin, to Pixelle Specialty Solutions LLC for $400 million, subject to post-closing adjustments. The sale, which has been unanimously approved by the Company's Board of Directors, is subject to and conditioned upon the receipt of approval from the Company's stockholders at a special meeting of stockholders, as well as certain regulatory and other customary approvals. The transaction is anticipated to be completed in the first quarter of 2020. Verso also announced that Adam St. John had been named as the Company's Chief Executive Officer and appointed as a member of the Board. Mr. St. John has been Senior Vice President of Manufacturing for all Verso mills and a long-standing member of the Senior Leadership Team.
Monadnock Paper Mills, Inc., the oldest continuously operating paper mill in the United States, is pleased to announce the appointment of Dr. Rajan Iyer as its new Vice President of Research & Development and Technical Services.
Dr. Iyer will oversee the company’s new product development efforts, guiding Monadnock’s portfolio development of award-winning and sustainably-advantaged fine printing, packaging, and technical papers. He replaces Paul Ciccone who has announced his retirement. Paul (Mr. Ciccone), a 41-year Monadnock veteran, will remain with the company for an undetermined period of time to ensure a smooth transition.
“We couldn’t be more pleased to welcome Dr. Iyer to the Monadnock family,” said Richard G. Verney, Chairman and CEO, Monadnock Paper Mills. “His demonstrated engineering expertise and strategic business acumen will prove to be invaluable as we continue to optimize our sustainable offerings, particularly in the alternative fiber space.”
His most recent role was with Georgia-Pacific, where he was responsible for Innovation – Tech Service as a Senior Product Development Engineer. Prior to that, Dr. Iyer was the Technical Director & Rapid Commercialization Manager for Georgia- Pacific’s Chemicals Division. Earlier in his career, Dr. Iyer served in a variety of technical, product development and research roles with both BASF and Imerys.
“Monadnock lies at the intersection of premium quality, performance, and sustainability,” said Dr. Iyer. “I’m looking forward to joining this dedicated team and helping the company achieve its ambitious growth goals — through smart product development and expert partner and customer support.”
Dr. Iyer earned a master’s and doctorate in chemical engineering from the University of Maine, a master of business administration from the University of Georgia, and a bachelor of science in chemical engineering from the University of Bombay.