China Ministry of Commerce Issues Preliminary Determination for Dissolving Pulp Anti-Dumping Investigation
08 Novembro 2013 - 11:58AM
Business Wire
Rayonier’s high value Cellulose Specialties
excluded from dumping determination
Rayonier Inc. (NYSE:RYN) announced today that on November 6,
China’s Ministry of Commerce (MOFCOM) issued the following
preliminary determination regarding the import of Rayonier
dissolving pulp products into China:
1) Rayonier’s high purity cellulose acetate
and other high purity products will not be subject to any duties as
they are specifically exempted.
2) Rayonier’s lower purity Fibernier grade
product used in commodity viscose applications will be subject to a
21.7 percent interim duty effective November 7.
Paul Boynton, Chairman, President and CEO stated, “While we are
pleased that MOFCOM recognized the unique characteristics of our
high-purity cellulose specialty products, we intend to challenge
the interim duty on commodity viscose as it appears to be based on
inaccurate assumptions.”
In February 2013, MOFCOM initiated an anti-dumping investigation
of imports of dissolving wood, cotton and bamboo pulp into China
from the U.S., Canada and Brazil during 2012. These determinations
by MOFCOM are preliminary and subject to change upon the completion
of its investigation and issuance of its final determination, which
is expected in the first half of 2014.
Rayonier is currently reviewing the basis for MOFCOM’s duty
calculation and expects to submit a formal response next week. In
addition, the Company is evaluating all potential product and
market segment options that its broad range of capabilities
provides in the event that MOFCOM’s preliminary duty is not
materially reduced or eliminated. Rayonier does not expect that
MOFCOM’s preliminary duty will materially affect its business
results.
Certain statements in this document regarding anticipated
financial, legal or other outcomes including business and market
conditions, outlook and other similar statements relating to
Rayonier's future events, developments or financial or operational
performance or results, are "forward-looking statements" made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
These forward looking statements are identified by the use of words
such as "may," "will," "should," "expect," "estimate," "believe,"
"intend,” "anticipate" and other similar language. However, the
absence of these or similar words or expressions does not mean that
a statement is not forward-looking. While management believes that
these forward-looking statements are reasonable when made,
forward-looking statements are not guarantees of future performance
or events and undue reliance should not be placed on these
statements.
The following important factors, among others, could cause
actual results or events to differ materially from those expressed
in forward-looking statements that may have been made in this
document: that MOFCOM’s final determination will assess duties, or
contain other terms, that are not more favorable than those in the
preliminary determination, or are otherwise more unfavorable to
Rayonier in the aggregate; that Rayonier is unable to sell all of
its intended future production of commodity viscose dissolving pulp
from its expanded facility; and that MOFCOM’s final determination
will result in an adverse effect on Rayonier’s financial results in
2014 and the years during which any duties are in effect.
About Rayonier
Rayonier is a leading international forest products company with
three core businesses: Forest Resources, Real Estate and
Performance Fibers. The company owns, leases or manages 2.7 million
acres of timber and land in the United States and New Zealand. The
company's holdings include approximately 200,000 acres with
residential and commercial development potential along the
Interstate 95 corridor between Savannah, Ga., and Daytona Beach,
Fla. Its Performance Fibers business is one of the world's leading
producers of high-value specialty cellulose fibers, which are used
in products such as filters, pharmaceuticals and LCD screens.
Approximately 50 percent of the company's sales are outside the
U.S. to customers in approximately 20 countries. Rayonier is
structured as a real estate investment trust. More information is
available at www.rayonier.com.
RayonierInvestors:Ed Kiker, 904-357-9186orMedia:Russell
Schweiss, 904-357-9158
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