Billerud AB was established in 1883 in Säffle in Swedish Värmland for the production of sulfite pulp. Through expansions and acquisitions of other mills in Värmland, the company steadily grew in the early 20th century. The name Billerud persisted despite changes in ownership until 1996, and in 2001, it returned through the merger of the paper mills in Gruvön, Skärblacka, and Karlsborg. Expansion continued with the acquisition of the production unit in Beetham, United Kingdom, in 2004. However, the Beetham Mill was sold again in 2021.
Korsnäs Sågverks Aktiebolag (Korsnäs Sawmill) was formed in 1855 in Korsnäs in Swedish Dalarna. The company started as a sawmill and was relocated to Gävle in 1899. This became Sweden's largest industrial relocation in history. From 1910, sawmill operations were combined with pulp and paper production. Cardboard production began in 1976, and the sawmill operations were discontinued in 2002. In 2006, Cartonboard AB in Frövi was acquired, and so was the paper mill in Rockhammar three years later.
In 2012, Billerud acquired UPM's packaging paper operations in Pietarsaari and Tervasaari, Finland. That same year, Billerud and Korsnäs merged. Ten years later (in 2022), the company Verso, with three mills and an office in Michigan, USA, was acquired, and with this, the company adopted the more internationally recognizable name Billerud.