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Landqart, a wholly owned subsidiary of Fortress Paper, has signed an asset purchase agreement with Swiss utility company to sell its hydropower and other related real estate assets in Canada.
Fortress Paper chairman chief executive officer and president Chadwick Wasilenkoff said, “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.”
The sale is subject to customary closing conditions which the company is expecting to be soon. Landqart has also signed a power purchase agreement at competitive rates to fulfill the company’s power needs.