The recent announcement by Vancouver-based Fortress Paper to increase the printing capacity at their European mills (read “Fortress Paper announces approval of initial financing facility for PM1 rebuild”) reiterates the reality that even in a digital age the need for banknotes continues to increase worldwide.

Though credit cards, online banking and debit cards seem to be maintaining an edge over cold hard cash, many agree this is a common misconception.

A trial-run move to debit only in Uzbekistan has demonstrated major problems in a digital-only scenario (read “Uzbekistan debit woes highlight continual need for banknotes”) and late last year British business leaders issued a public demand for more banknotes to be printed (read “British business leaders demand more ten dollar banknotes”).

Chad Wasilenkoff, President and CEO of Fortress Paper, agrees that the global demand for banknotes is always increasing.

“Banknotes continue, in all countries that we know of, to require more banknotes on an annual basis,” he says in this video.

The upgrades to their PM1 printing machine will allow Fortress Paper to print more banknotes at their European facilities. The upgraded machine will increase production capacity from the current 2,500 tonnes per year to approximately 10,000 tonnes per year.

In addition to printing banknotes, Fortress Paper also prints various other security and specialty papers for items such as visas and passports.

SOURCES:
YouTube: “Fortress Paper CEO Chad Wasilenkoff Speaks about the Solid Demand for Banknotes”
“Fortress Paper announces approval of initial financing facility for PM1 rebuild”