Vancouver-based Fortress Paper is focussing on its core-business in Switzerland and decided to sell the hydropower assets of Landqart.
Fortress Paper Ltd. has announced that its wholly-owned subsidiary, Landqart, has entered into an asset purchase agreement with a Swiss utility company for the sale of its hydropower assets and associated real estate. In order to maintain the supply of its operational power requirements, Landqart AG has concurrently entered into a long term power purchase agreement at competitive rates.
The sale of the hydropower assets is subject to customary closing conditions and is anticipated to complete imminently, Fortress Paper said in a statement.
"The sale of our non-core hydropower assets at Landqart is designed to optimize our current asset base and redirect proceeds to our core businesses, and is consistent with our strategy of unlocking value for our shareholders," explained Chad Wasilenkoff, CEO and President of Fortress Paper.
The Landqart mill in Switzerland produces banknote, passport, visa and other brand protection and security papers. Fortress Paper operates internationally in three distinct business segments: dissolving pulp, specialty papers and security paper products.
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