FORTRESS PAPER $36.77 - Toronto symbol FTP

FORTRESS PAPER $36.77 (Toronto symbol FTP; TSINetwork Rating: Extra Risk) (1-888-820-3888; www.fortresspaper.com; Shares outstanding: 14.3 million; Market cap: $525.8 million; No dividends paid) just bought Domtar Corp.’s old pulp mill in Lebel-sur-Quevillon, Quebec. The company plans to convert the mill to produce a type of cellulose called dissolving pulp, which is used to make rayon fabrics.

Fortress is buying the plant for a nominal amount of $1, but it will commit to spending $222 million on the conversion, which should be finished in mid-2013. The Quebec government will grant the company a 10-year, $132.4-million loan to help finance the plant.

Fortress’s outlook is positive, and the new dissolving pulp plant should make a big contribution to its earnings.

Fortress Paper is still a buy.

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