Rayonier Announces Average Cellulose Specialties Price Change for 2014
16 Dezembro 2013 - 9:14PM
Business Wire
Rayonier Inc. (NYSE:RYN) announced today that it has concluded
negotiations with customers for prices and volumes of cellulose
specialties grades in 2014. On average, the company expects that
prices will be seven to eight percent below 2013, consistent with
the market pressures discussed in its third-quarter earnings call
in October.
The company now expects 2014 sales volumes of cellulose
specialties of 520,000 to 540,000 metric tons, an increase of
30,000 to 50,000 tons above 2013. This represents an improvement
from the earlier estimated increase of 15,000 to 40,000 tons.
Higher expected 2014 volumes reflect the successful completion of
the Cellulose Specialties Expansion (CSE) project at the company’s
Jesup, Ga., mill that expanded capacity of high-margin specialty
grades by 190,000 metric tons and customer commitments for
additional volume from the expansion during the multi-year ramp-up
period.
Paul Boynton, Chairman, President and CEO stated, “After years
of price increases, we have worked with our customers to moderately
reduce 2014 cellulose specialties prices in response to what we
believe are near-term supply and demand conditions. We remain
confident that our technical leadership, commitment to quality, and
increasing specialties sales volumes from the CSE project position
our Performance Fibers business for long-term earnings growth.”
In addition, Boynton noted, “With the completion of these
negotiations and strengthening timber markets, we now anticipate
that cash available for distribution in 2014 will be at or above
the 2013 level.”
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. Important factors are described in the company's most
recent Form 10-K and 10-Q reports on file with the Securities and
Exchange Commission that could cause actual results or events to
differ materially from those expressed in forward-looking
statements that may have been made in this document. Rayonier
assumes no obligation to update these statements except as is
required by law.
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.
Rayonier Inc.Investors:Ed Kiker, 904-357-9186orMedia:Russell
Schweiss, 904-357-9158
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