Rayonier Completes Timberland Purchase
15 Novembro 2006 - 11:00AM
Business Wire
Rayonier (NYSE:RYN) said today it has completed the previously
announced purchase of timberland in six states from funds managed
by GMO Renewable Resources, LLC. After adjustments, the transaction
involved approximately 174,000 acres at a price of $151 million.
�The purchase is part of our strategy to increase both the size and
geographic footprint of our REIT and enhances our product mix with
the addition of several high-value hardwood species,� said Lee
Nutter, Chairman, President and CEO. �Also, the acquisition
provides significant like-kind-exchange tax benefits, offering us
further opportunity to efficiently develop our high-value real
estate business.� The timber is located in New York, Texas,
Oklahoma, Arkansas, Alabama and Louisiana. With the acquisition,
Rayonier becomes the 5th largest private timberland owner in the
U.S. with approximately 2.2 million acres. GMO Renewable Resources,
LLC, is an affiliate of Grantham, Mayo, Van Otterloo & Co.,
LLC, a global investment management firm. About Rayonier Rayonier
is a leading international forest products company with three core
businesses: Timber, Real Estate and Performance Fibers. It owns,
leases or manages 2.7 million acres of timber and land in the U.S.,
New Zealand and Australia. The company�s holdings include
approximately 200,000 acres with residential and commercial
development potential along the fast-growing Interstate 95 corridor
between Savannah, Georgia, and Daytona Beach, Florida. Its
Performance Fibers business is the world�s leading producer of
high-value specialty cellulose. Approximately 40 percent of the
company�s sales are outside the U.S. to customers in more than 50
countries. For further information, visit the company�s website at
www.rayonier.com. Rayonier (NYSE:RYN) said today it has completed
the previously announced purchase of timberland in six states from
funds managed by GMO Renewable Resources, LLC. After adjustments,
the transaction involved approximately 174,000 acres at a price of
$151 million. "The purchase is part of our strategy to increase
both the size and geographic footprint of our REIT and enhances our
product mix with the addition of several high-value hardwood
species," said Lee Nutter, Chairman, President and CEO. "Also, the
acquisition provides significant like-kind-exchange tax benefits,
offering us further opportunity to efficiently develop our
high-value real estate business." The timber is located in New
York, Texas, Oklahoma, Arkansas, Alabama and Louisiana. With the
acquisition, Rayonier becomes the 5th largest private timberland
owner in the U.S. with approximately 2.2 million acres. GMO
Renewable Resources, LLC, is an affiliate of Grantham, Mayo, Van
Otterloo & Co., LLC, a global investment management firm. About
Rayonier Rayonier is a leading international forest products
company with three core businesses: Timber, Real Estate and
Performance Fibers. It owns, leases or manages 2.7 million acres of
timber and land in the U.S., New Zealand and Australia. The
company's holdings include approximately 200,000 acres with
residential and commercial development potential along the
fast-growing Interstate 95 corridor between Savannah, Georgia, and
Daytona Beach, Florida. Its Performance Fibers business is the
world's leading producer of high-value specialty cellulose.
Approximately 40 percent of the company's sales are outside the
U.S. to customers in more than 50 countries. For further
information, visit the company's website at www.rayonier.com.
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