test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Industry News | Time: Oct 9 2019 8:36AM
Fortress Global Enterprises announces market downtime
 
Text size
Vancouver, British Columbia, October 7th, 2019

Fortress Global Enterprises Inc. ("Fortress" or the "Company") (TSX:FGE) (OTCQX:FTPLF) announced today that it will be taking market downtime at the Fortress Specialty Cellulose Mill (the "FSC Mill") in Thurso, Québec. The ongoing United States-China trade dispute, as well as weakening Chinese domestic textile and apparel consumption has destabilized the demand for dissolving pulp and caused a significant decline in pricing. As a result, the Company will deploy a temporary market curtailment strategy to preserve the option of restarting the mill once prices rebound.

Accordingly, the Company will take market downtime at the FSC Mill commencing October 8th, 2019 for an unspecified interim period. Market downtime will allow the Company to manage its dissolving pulp inventory build-up, which has resulted from the recent uncertainty in pricing and demand, and execute on its previously announced strategic and financing initiative (the "Strategic Initiative").

Giovanni Iadeluca, Chief Executive Officer of the Company, commented: "As a result of a thorough evaluation of the current economics at the FSC Mill, the Company has determined to take market downtime given the prevailing market conditions. This market curtailment strategy will allow us to focus our efforts on executing on the Strategic Initiative, as well as planning the optimized restart of the mill. We have also proactively allocated resources to enable us to restart the FSC Mill on an expedited basis in order to take advantage of any significant rebound in dissolving pulp pricing. We continue to be confident in the future pricing and prospects for dissolving pulp as the market adjusts to currently volatile conditions, as we believe that the underlying supply and demand fundamentals remain stable."

The Company
Fortress operates its dissolving pulp business at the FSC Mill located in Thurso, Québec, which also operates in the renewable energy generation sector through its cogeneration facility. Fortress operates its bioproducts business through Fortress Advanced Bioproducts Inc., which has laboratory and pilot plant facilities in Vancouver, British Columbia.

Source: Fortress Global Enterprises
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Related Articles
Viscose market daily (Oct 17, 2019)
China viscose market snapshot (Oct 17, 2019)
Viscose market daily (Oct 16, 2019)
Chinese DWP suppliers expect stable prices
China viscose industry operation report (Oct 1-15, 2019)
China viscose market snapshot (Oct 16, 2019)
Imported dissolving pulp market weakens somehow
Viscose market daily (Oct 15, 2019)
China chemical fiber market weekly forecast (Oct 15, 2019)
China viscose market snapshot (Oct 15, 2019)
 
Research
Basic situation of polyester market in Q1-Q3 and Q4 ...
Cotton linter and refined cotton market outlook in 2019/20 ...
Spandex supply and demand in 2019 and market outlook
Longitudinal data change of MEG under expansion cycle and ...
PTA: H1 2019 market review and H2 market forecast
Brief analysis on the annual report of listed companies in ...
 
 

浙公网安备33010902000742号