MIAMISBURG, Ohio -- Verso says it has entered into an equipment purchase agreement with Halkali Kagit Karton Sanayi ve Tic. A.S., a company organized under the laws of Turkey, whereby Verso agreed to sell, and the purchaser agreed to purchase, certain equipment at Verso's Luke Mill, primarily including two paper machines.
The purchase price is $11 million in cash, with $2 million due upon execution of the agreement and the remaining $9 million due at various milestones.
The closing of the equipment purchase, including the transfer of title and ownership of the equipment to the purchaser, will occur upon completion to Verso's satisfaction of the disassembly and removal of the equipment and the receipt by Verso of all payments due from the purchaser.
