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VRS - Graphic Packaging: Much Ado About Nothing For Three Years
Verso Corporation
Packing names including GPK plunged on Verso's acquisition by Billerud of Sweden.
A conversion of Verso's coated paper capacity to paperboard wouldn't happen for late 2024 at the earliest.
Market pricing in a large capacity increase and commensurate severe pricing pressure without considering underlying market increases or potential pricing discipline by Billerud.
GPK can generate $8+ of free cash in the meantime.