JACKSONVILLE, Fla. -- Rayonier Inc. today (June 30) announced that at 11:59 p.m., Eastern Time, on June 27, 2014, 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 will commence in the “regular way” with the opening bell of the New York Stock Exchange this morning under the “RYAM” ticker symbol. The separation was effected by means of a tax-free spin-off of 100 percent of the common stock of Rayonier Advanced Materials to Rayonier shareholders of record as of the close of business on June 18, 2014.
As previously announced, effective as of the completion of the spin-off, Richard Kincaid is Chairman of the Board of Rayonier, 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,” stated 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.”