Lebel-sur-Quévillon, Quebec, Canada, 14 June 2012 – The Fonds de solidarité FTQ today announced a CAD 25 million investment in Fortress Paper. The funds will be used by Fortress Paper’s subsidiary, Fortress Global Cellulose, for a conversion and cogeneration project involving the pulp and paper mill in Lebel-sur-Quévillon. The Fonds’ investment is taking the form of a five-year debenture.
“The Fonds de solidarité FTQ is pleased to back Fortress’s Lebel-sur-Quévillon conversion and cogeneration project,” said Yvon Bolduc, Fonds president and CEO. “Reopening this mill means Témiscamingue forestry workers will be back on the job. This project will also promote dissolving pulp, which is a well-priced product for which there is strong demand. Given its experience with the conversion of the Thurso mill, Fortress will be able to count on an experienced, motivated and competent management team for the conversion of the softwood kraft pulp mill,” he said.
“This project would not have been possible without the support of the workers and the community of Lebel-sur-Quévillon. Its success demonstrates the engagement of everyone concerned. With such support, it only made sense to back this project, which is in line with our mission to create jobs and foster economic growth,” Bolduc said.
The Fonds de solidarité FTQ helps drive Quebec's economy. With net assets of CAD 8.2 billion as of 30 November 2011, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2129 companies. With its 583,235 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain, and protect 160,789 jobs. For more information, visit www.cyberfondsftq.com.