Rayonier Inc., Jacksonville, Fla., USA, reports that on June 27 it completed the spin-off of Rayonier Advanced Materials Inc., which is now a new independent specialty chemicals company. Public trading of Rayonier Advanced Materials commenced with the opening bell of the New York Stock Exchange this past Monday morning under the RYAM ticker symbol. The separation was effected by means of a tax-free spin-off of 100% of the common stock of Rayonier Advanced Materials to Rayonier shareholders of record as of the close of business on June 18. 

 

As previously announced, effective as of the completion of the spin-off, Richard Kincaid is chairman of the Rayonier Board of Directors, and David Nunes is Rayonier’s president and CEO. 

 

"We wish our colleagues at Rayonier Advanced Materials well as they embark on their promising and exciting future as an independent company," said Nunes. "While operating these businesses together provided tremendous value to our shareholders over a period of more than eight decades, we are confident that this transaction will provide even greater value for Rayonier shareholders as we look to the future. Rayonier has a bright future as a pure-play timber and real estate business, with excellent assets and financial flexibility that will enable continued growth." 

 

Rayonier Inc. owns, leases, or manages 2.6 million acres of timberlands in North America and New Zealand. Its holdings include 2.3 million acres across 10 U.S. states and approximately 200,000 acres with residential, commercial, and industrial development potential along the Interstate 95 corridor between Savannah, Ga., and Daytona Beach, Fla. Rayonier is structured as a real estate investment trust.