Flint Group, has today confirmed the purchase of Siegwerk’s web offset business after receiving regulatory approval from the competition authorities for the acquisition. This agreement includes the transfer of all technical expertise and product portfolios relating to Siegwerk’s Heatset and Newsink product lines. “We are very excited by this transaction,” says Antoine Fady, CEO, Flint Group. “This investment confirms our long term commitment to customers in these key market segments and re-enforces our unique offering to the market of inks, press room chemicals and transfer media products. This commitment guarantees a long term supply position for our Heatset and News Ink customers and further enhances our strong focus on the Print Media and Packaging markets across the world.”
As part of a settlement entered into by Verso with two Canadian producers of supercalendered papers, Verso today requested that the U.S. Department of Commerce revoke its order imposing duties on supercalendered papers made by those Canadian producers and imported into the U.S. The SC paper tariffs were intended to offset the impact of Canadian subsidies paid to Canadian producers of SC paper in order to help U.S. producers who were injured by the subsidized imports. However, injurious Canadian SC imports continue to enter the United States even with the tariffs, and imports from other non-U.S. SC producers which are not subject to the tariffs have increased. These factors offset the benefits of the tariffs to Verso. If the Department of Commerce grants Verso’s request to revoke the tariffs, it could provide Verso with a meaningful amount of cash over time, which we will evaluate how to use to best benefit our company and make us an even healthier supplier. However, there is no assurance that the Department of Commerce will grant our request to revoke the tariffs or that such funds will be provided to Verso.
Be assured that we continue to make supercalendered paper at the Duluth Mill. Verso’s decision to settle the trade case is unrelated to any decisions about potential changes to Verso’s production assets at the Duluth Mill or to the types of products we make there.