Fortress to sell German mill for $213m
Fortress Paper Ltd. announced that it has agreed to sell Dresden Papier GmbH to Glatfelter Gernsbach for an aggregate purchase price of $213 million.
The transaction is expected to close within the second quarter of 2013, but no later than June 30, 2013, and is subject to certain customary conditions, including governmental anti-trust approvals in Germany and the Ukraine.
The Dresden Mill produces non-woven wallpaper base paper.
“The sale of the Dresden Mill is an important step in Fortress Paper becoming a more focused global leader in the dissolving pulp industry,” said Chadwick Wasilenkoff, president and CEO of Fortress Paper. “The transaction was part of our strategic plan to achieve significant liquidity to enhance future growth opportunities.”