Rayonier has officially made the planned split of its Performance Fibers business unit, which is heretoforth to be known as Rayonier Advanced Materials.
“Today’s announcement is a major milestone in the completion of our separation,” said Paul Boynton, chairman, president and CEO. “Rayonier and Rayonier Advanced Materials will soon be independent, industry-leading publicly traded companies, each with its own opportunities to maximize value for our shareholders.”
There will also be a special dividend distribution, effective June 27, of all outstanding shares of Rayonier Advanced Materials common stock to Rayonier's shareholders.
Afterwards, Rayonier Advanced Materials will be an independent, publicly traded company to begin trading around June 30, 2014 under the ticker symbol RYAM.
Meanwhile, Rayonier will retain the symbol RYN and continue operating as an independent real estate investment trust, with ownership of the existing Forest Resources and Real Estate businesses.
Former Pope Resources CEO David Nunes will take over as CEO of Rayonier, Inc., though he's onboarding at first as the company's COO. Bonyton will eventually take the helm at Rayonier Advanced Materials.
The tax-free spinoff was in the works for about two years.