Paper Mill Deal in U.P.

Two companies that operate paper mills in the Upper Peninsula have struck a deal. Verso Paper announced Monday that it plans to buy NewPage Holdings Inc. for $1.4 billion. The Memphis, Tennessee-based coated papers maker expects the acquisition of the printing and specialty paper maker to conclude in the second half of this year. Verso currently operates a mill in Quinnesec, while NewPage has a paper mill in Escanaba. The combined company will have sales of approximately $4.5 billion and 11 manufacturing facilities located in six states.