Separation of Rayonier Advanced Materials on Track for Mid-2014
28 Abril 2014 - 10:04AM
Business Wire
Recruitment of New Directors for Both Companies
and New Rayonier CEO Nearing Completion; CFO Transition
Announced
Rayonier Inc. (NYSE:RYN) today announced updates on the planned
separation of its performance fibers business from its forest
resources and real estate businesses. The separation will occur by
means of a tax-free spin-off of a newly formed company named
Rayonier Advanced Materials Inc., which will contain the
Performance Fibers segment of Rayonier and is expected to be traded
on the NYSE under the symbol “RYAM.”
“We are on target to complete the separation by our mid-year
goal,” said Paul Boynton, Chairman, President and CEO. “We
anticipate that we will receive a private letter ruling from the
Internal Revenue Service confirming the tax-free nature of the
separation. Additionally, we are in the process of finalizing the
spin-off related Form 10 registration statement with the Securities
and Exchange Commission.”
Also, as previously disclosed, several members of the Board of
Rayonier will join the Board of Rayonier Advanced Materials.
Recruitment of additional Board members for each of the companies
is nearly complete and expected to be announced at the end of
May.
“The quality and experience of our additional new board members
is excellent. They will provide valuable perspective and counsel to
both boards and management teams going forward,” noted Boynton.
As previously disclosed, upon completion of the separation, Mr.
Boynton will become Chairman, President and CEO of Rayonier
Advanced Materials. Mr. Boynton has been working closely with the
Rayonier Board to identify the new CEO of Rayonier Inc., with the
search including both internal and external candidates. We are in
the final stage of the process and expect to announce the
identified new CEO of Rayonier in early May.
“We’ve been very pleased with the CEO search process and are
very confident that the new CEO will continue Rayonier’s history of
building shareholder value for the long term,” said Boynton.
Rayonier also announced today that H. Edwin Kiker will become
its next Senior Vice President and Chief Financial Officer,
effective May 1, 2014. Kiker, who will report to the new CEO of
Rayonier upon separation, has held a series of senior roles with
Rayonier during his twelve-year tenure with the company, including
Controller of Rayonier’s Real Estate business, Vice President of
Internal Audit and, most recently, Vice President of Investor
Relations. Prior to joining the Company, he held audit positions
with Great Lakes Chemical and PricewaterhouseCoopers. He will
replace Hans Vanden Noort, Rayonier’s current Senior Vice President
and Chief Financial Officer since 2007, who plans to retire from
Rayonier effective April 30, 2014.
“Over his long and successful career, Ed has worked closely with
three CEOs of Rayonier and numerous current and former Rayonier
Board members and has our complete trust and confidence,” stated
Boynton. “Ed’s thorough knowledge of Rayonier’s financial
operations, along with the strong relationships he has developed
with our investors and his long tenure working closely with Hans,
will ensure a seamless transition to his new role. Ed will also be
invaluable in assisting Rayonier’s new CEO to continue building
shareholder value.”
“We thank Hans for his years of service to Rayonier and its
shareholders, and his leadership in connection with our announced
separation. We wish him all the best in his retirement,” said
Boynton.
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.
Although Rayonier believes that the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
it can give no assurance that these expectations will be attained
and it is possible that actual results may differ materially from
those indicated by these forward-looking statements due to a
variety of risks and uncertainties. Such factors include, but are
not limited to: uncertainties as to the timing of the spin-off and
whether it will be completed, the possibility that various closing
conditions for the spin-off may not be satisfied or waived, the
expected tax treatment of the spin-off, the impact of the spin-off
on the businesses of Rayonier and Rayonier Advanced Materials, the
ability of both companies to meet debt service requirements, the
availability and terms of financing and expectations of credit
rating. Other 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 2.6 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
Rayonier (NYSE:RYN)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Rayonier (NYSE:RYN)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024