Fortress Paper Ltd.
TSX : FTP

Fortress Paper Ltd.

September 01, 2016 16:30 ET

Fortress Paper Announces Appointment of Giovanni Iadeluca as President of Its Dissolving Pulp Segment

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2016) - Fortress Paper Ltd. ("Fortress Paper" or the "Company") (TSX:FTP) is pleased to announce the appointment of Giovanni Iadeluca as President of the Company's Dissolving Pulp Segment, effective October 3, 2016.

Mr. Iadeluca is a Chartered Professional Accountant with over 20 years of senior management experience in the manufacturing industry. Mr. Iadeluca was formerly the Chief Executive Officer of AV Terrace Bay Inc. ("Terrace Bay"), a wholly owned subsidiary of the Aditya Birla Group. As Chief Executive Officer, he was responsible for the restart and turnaround of the Terrace Bay pulp and paper mill, which under Mr. Iadeluca's direction and leadership has seen material improvements in all metrics of operational and financial performance. Prior to his role with Terrace Bay, Mr. Iadeluca acted as Chief Executive Officer in two start-ups: Selenis Canada Inc. (a division of IMG Group), converting the facilities to produce polyethylene terephthalate (known as PET); and PTT PolyCanada LP (a division of Shell Canada Ltd.), a specialty polyester producer, where he initiated the launch of polytrimethylene terephthalate (also known as PTT).

As President of the Dissolving Pulp Segment, Mr. Iadeluca's role will include leading and coordinating the strategic direction of the business at the Fortress Specialty Cellulose Mill. Mr. Iadeluca replaces Yvon Pelletier, who will continue on in his capacity as Chief Executive Officer of Fortress Paper, allowing Mr. Pelletier to focus on new business opportunities for the Company.

Mr. Pelletier commented: "We are extremely pleased to welcome Giovanni Iadeluca to the Fortress Paper team. The Fortress Specialty Cellulose Mill has seen considerable improvement over recent quarters and with Giovanni's experience as a Lean leader we expect this to continue at an accelerated pace until the mill realizes its full potential. Giovanni possesses the necessary leadership and technical skills to undertake such a task. Furthermore, given Giovanni's extensive experience in the manufacturing industry and his track record of significantly improving business performance, we have full confidence in his ability to optimize and advance our dissolving pulp business."

About Fortress Paper

Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products. The Company operates its dissolving pulp business at the Fortress Specialty Cellulose Mill located in Canada, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility. The Company operates its security paper products business at the Landqart Mill located in Switzerland, where it produces banknote, passport, visa and other brand protection and security papers.

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