Rayonier makes the split official
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.
Lithonia Lighting recalls over 1 million emergency lights
Lithonia Lighting is recalling about 1.7 million units of its Quantum ELM and ELM2 two-light emergency fixture, citing a fire hazard.
According to the Consumer Product Safety Commission, the circuit board has a tendency to overheat and cause the fixture to melt and catch fire.
There have been 29 incident reports thus far, with one resulting in over $100,000 worth of property damage. No injuries have been reported, however.
The affected fixtures are about 12.5 inches wide, 5 inches high and 3.75 inches deep and come in white or black pastic. They have two incandescent lights and a rechargeable lead acid battery. The circuit boards within are green on both sides with either Rev B or Rev Cprinted in the top left corner. Those with circuit boards that are beige on one side and are marked with ELM2 LED, ELM2 SD and ELM2 WRS are not affected by the recall.
Robert Bowden named ‘Fast’ company
Pro dealer Robert Bowden Inc. was named one of the Georgia Fast 40 by the Atlanta Chapter of The Association for Corporate Growth.
The award recognizes the Marietta, Georgia-based company as one of the 40 fastest-growing middle-market companies in the state.
"We were very impressed with the caliber of companies that were nominated this year, as we had the largest applicant pool in the history of the event," stated Dan Bauer, ACG Atlanta Chapter president and CFO of CardioMEMS. "These companies exemplify ACG’s focus on Middle-Market Growth and represent over 13,000 added jobs."
RBI was one of 20 honorees in the Upper Middle Market category, defined as 2013 revenues of $60 million to $100 million and weighted growth rate in excess of 144%.
To earn the award, companies must be for profit and headquartered in Georgia and have most recent year-end revenues ranging from $15 million to $500 million. They also need three years of verifiable revenue and employment growth.
The awards will be presented to honorees at the Georgia Fast 40 Awards Dinner on June 19, 2014.
Robert Bowden, Inc. is a privately held wholesale building material supply and manufacturing corporation headquartered in Marietta, Georgia, delivering quality products and services to the construction professionals in the Atlanta area since 1983.