Fortress Paper sells bank note materials maker to Swiss National Bank and Orell Füssli
Leading Global Law Firm Baker McKenzie advised Fortress Paper on the sale of its shares in Landqart to Swiss National Bank and Orell Füssli. Landqart is an innovative Swiss manufacturer of banknote substrates, passports and visa papers, distributed to more than 50 countries around the world. Swiss National Bank and Orell Füssli are paying a combined 21.5 million francs for Landqart.
The Swiss National Bank said it was buying a majority stake of 90% in a maker of materials for banknotes and passports - to safeguard production and prevent its new bank notes running out. Landqart makes the Durasafe substrate used in the latest series of Swiss bank notes.
Fortress Paper says that this sale allows them to ensure a stable future for the company. Speaking after the sale, Chadwick Wasilenkoff, President, CEO & Chairman of Fortress Paper said, "The sale of Landqart was not only important to sustain our financial future, it has also guaranteed the future of the Swiss National Bank's new bank notes. We were very happy to be advised by an expert team of Baker McKenzie lawyers, who worked diligently with a compressed time frame."
The Baker McKenzie team advising Fortress Paper was led by Martin Furrer and Pascal Richard, and assisted by Mario Kumschick, Julia Schieber and Ramon Tissafi.