Fortress Global Enterprises

FGE.TO 3,37 +0,01 +0,29%



On January 29th, 2018 Fortress Paper announced it had changed its name to “Fortress Global Enterprises” in order to better reflect its existing business and future prospects.

Fortress is an international producer of dissolving pulp and formerly a producer of security papers and other security related products. Fortress Paper was incorporated in May 2006 and listed on the Toronto Stock Exchange in July 2007. The company employs approximately 330 workers in Canada.

The Company operates its dissolving pulp business at the Fortress Specialty Cellulose Mill located in Canada, where it produces dissolving pulp primarily for viscose/rayon manufacturers in Asia after successfully completing the conversion of the mill from a NBHK pulp to a dissolving pulp operation. In 2013 a new 24 MW cogeneration power plant came on line which produces reliable, renewable energy for the mill and for external sales to Hydro Quebec.

On December 20, 2017 Fortress announced that its wholly owned subsidiary, Fortress Security Papers AG, had successfully completed the sale of the Landqart Mill located in Landquart Switzerland to Swiss National Bank and Orell Füssli Holding AG. With the sale of the Landqart Mill, Fortress Paper no longer operates in the security paper products industry.

On April 30, 2013 Fortress announced that it had successfully completed the sale of the Dresden Mill to Glatfelter Gernsbach GmbH & Co. KG, a subsidiary of P.H. Glatfelter Co., previously announced on March 13, 2013. The purchase price for the sale was €160 million (approximately CDN$212 million), subject to a post‑closing working capital adjustment. With the sale of the Dresden Mill, Fortress Paper no longer operates in the specialty papers (wallpaper base) industry.