Wausau Paper said it will close its Brokaw paper mill in Wisconsin, cut 450 jobs and exit its print and color business, making it the latest paper company to shut down plants.Rising costs of key raw materials, such as recycled fibre and energy, and lower demand from China have hit paper companies."Our decision to exit print & color was ultimately driven by dramatic and irreversible market demand decline," Chief Executive Thomas Howatt said in a statement.In October, Verso Paper Corp said it will cut 300 jobs and shut down three paper machines permanently to reduce its annual production capacity by 11 percent.
Verso Paper Corp. (Verso) is a supplier of coated papers to catalog and magazine publishers. Shares of VRS traded higher by 29.73% or $0.33/share to $1.44. In the past year, the shares have traded as low as $1.00 and as high as $6.37. On average, 69295 shares of VRS exchange hands on a given day and today's volume is recorded at 208229.
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