Fortress sells security paper business for $C28 million

Vancouver, BC-based Fortress Paper Ltd. reported that its wholly owned subsidiary, Fortress Security Papers AG, sold the two legal entities representing their security paper products business, — wholly-owned Landqart AG and Landqart Management and Services AG — to Swiss National Bank and Orell Füssli Holding AG for an aggregate price of 21.5 million Swiss francs (about $C28 million).

As a result, Fortress no longer manufactures security papers. Chadwick Wasilenkoff, CEO of Fortress Paper, commented: “As was previously announced in the third quarter, Landqart was confronted with the loss of material purchase orders by one of its significant international customers.” Fortress could not sustain Landquart and decided to sell it.

Fortress will focus on operating its specialty cellulose mill in Thurso, QC, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility.

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