Good fit for Fortress

Article Excerpt

FORTRESS PAPER $62.32 (Toronto symbol FTP; TSINetwork Rating: Extra Risk) (1-888-820-3888; www.fortresspaper.com; Shares outstanding: 12.2 million; Market cap: $760.0 million; No dividends paid) has completed its purchase of the assets of the Bank of Canada’s Optical Security Material division. This division makes the material used in the security threads of various paper currencies, including Canadian currency. The purchase includes almost all of the division’s production equipment. Fortress will also retain key employees. No purchase price was given, but it plans to raise $57.5 million in a share issue to pay for the acquisition and other costs. Fortress Paper is still a buy. buy…