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.
"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," said Chadwick Wasilenkoff, Chairman, Chief Executive Officer and President of Fortress Paper.
