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April 28, 2014
09:05 EDTRYNRayonier says separation of Advanced Materials on track for mid-2014
Rayonier 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.” 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. 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. Expects to announce the identified new CEO of Rayonier in early May.
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