Fortress Paper IPO successful
Security-paper manufacturer Fortress Paper Ltd., Vancouver, BC, completed a $C40-million initial public offering of five million shares at $C8 each in June.
company, headed by president and CEO Chadwick Wasilenkoff, owns two mills:
wallpaper producer Dresden Papier GmbH in Germany; security paper producer
Landqart AG in Switzerland. Both mills were bought from Mercer
International, also based
Dresden has one Fourdrinier machine with a capacity of 36,000 tonnes/year using synthetic and natural wood fibers as its furnish. Landqart has two machines, a Fourdrinier and a cylinder mould; its capacity ranges between 12,000 and 22,000 tonnes/year depending on the product mix. The furnish is cotton and wood pulp.
Fortress has a well-established place in the international security paper market. It makes banknote papers and specialties used for visas, passports and cheques. According to a report in the Vancouver Sun, Wasilenko hopes to take over production of Canada’s currency when the present contract with another European producer ends. A recent Fortress innovation is the LQard® biometric passport which has an embedded RFID chip.