DAILY NEWS Aug 27, 2014 6:38 AM - 0 comments

Fortress Paper to sell optical features business

TEXT SIZE bigger text smaller text
By: Cindy Macdonald

Fortress Paper Ltd. has entered into a share and loan purchase agreement with Nanotech Security Corp., as purchaser, for the sale of all of the shares of its wholly-owned subsidiary, Fortress Optical Features Ltd.

The aggregate purchase price is up to $17.5 million, subject to a working capital adjustment and earn-out.
Chadwick Wasilenkoff, CEO of Fortress Paper, commented: “The sale of FOF is in line with our strategic plan to focus on the dissolving pulp and security paper products segments, enhance liquidity, as well as unlocking shareholder value.”

Wasilenkoff said Fortress originally acquired the optical features business to complement its security papers business at Landqart. Under the new owner, Fortress Optical Features will enter into an agreement to continue to supply optically variable thin film material to Fortress Paper’s Landqart Mill.

Fortress Paper operates in two distinct business segments: dissolving pulp at the Fortress Specialty Cellulose mill in Thurso, Que., and security paper products at the Landqart mill in Switzerland.

Horizontal ruler
Horizontal Ruler

Post A Comment

Note: By submitting your comments you acknowledge that Pulp and Paper Canada has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

Your Name (this will appear with your post) *

Email Address (will not be published) *

Comments *

* mandatory fields