January 14, 2010 / 10:56 PM / 8 years ago

UPDATE 1-Fortress Paper gets electronic passport contract

* Contract worth C$10 mln in revenue over 5 yrs

* To make about 2.5 mln electronic passports

* Raise banknote production

* Sees C$50 mln capex for Landqart Mill expansion

Jan 14 (Reuters) - Fortress Paper Ltd FTP.TO, a Canadian producer of security and specialty papers, on Thursday said it received a contract for electronic passports that will generate revenue of C$10 million over five years.

Fortress said it will make about 2.5 million electronic passports, enabled with radio frequency identification (RFID), which will contain the holder’s personal data and other biometric information.

The Vancouver, British Columbia-based company also said it plans to increase its banknotes production capacity to 10,000 tonnes a year from current 2,500 tonnes, helped by expansion at its Landqart Mill.

The company plans to rebuild its paper machine and said the expansion would require a capital expenditure of about C$50 million.

Shares of the company closed at C$10.38 Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Anil D‘Silva)

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