Rayonier Advanced Materials announces three-year transformation initiative In 2016, the company is embarking on a three-year transformation initiative to significantly improve its cost structure and enhance cash flows. This initiative is being led by a cross-functional team reporting directly to the CEO. The team's focus is to increase the overall efficiency of the business to meet the near-term market challenges. The transformation initiative targets three-year cost savings of $75M-$90M. The 2016 guidance reflects the expected impact of the first year of the transformation initiative.