Rayonier is splitting into two companies
Jacksonville, Fla.-based forest products company Rayonier is going through a bit of a breakup. The company announced Monday that it is spinning off its fibers business from its forest resources and real estate business, forming two separate publicly traded companies.
“With an improving U.S. housing market, strong timber export markets, and the successful expansion of our cellulose specialties capacity, we concluded that now is the optimal time to pursue the separation of these two non-integrated businesses,” said chairman, president and CEO Paul Boynton.
The company has been planning for the separation for close to two years, and the tax-free spinoff is expected to be completed mid-year following approval from Rayonier’s board and a favorable ruling from the Internal Revenue Service.
At that point, both companies will be listed on the New York Stock Exchange. Additionally, Rayonier Inc. will remain a real estate investment trust.
The fibers business has yet to be named, though Boynton will serve as that company’s president, chairman and CEO, as well as assist Rayonier Inc. in its search for a new CEO.
Current board members will be split up between the Rayonier Inc. board and the performance fibers business’ board. Richard Kincaid will serve as chairman of Rayonier’s board, and David Brown will become lead director with the new company.
Al Worthing promoted to VP sales/marketing at Andersen
Andersen Corporation has promoted Al Worthing to VP sales and marketing for the Silver Line Division, the company’s vinyl product division based in New Jersey.
“This is an exciting time for Silver Line and Andersen," said Dave Beeken, president, Silver Line Division. "Together, we will be growing and changing in a way that enables both Silver Line and Andersen to improve the experiences of our customers."
Worthing has served in various leadership capacities within Andersen’s sales department, as well as in channel development and integration. His most recent role at the company was as director of Enterprise Sales for the Andersen Division.
Chris Seebode, director of sales, and Andy Karr, senior product marketing manager, will both report to Worthing.
Summit Materials acquires Alleyton Resource
Summit Materials acquired Houston concrete company Alleyton Resource and its affiliate Colorado Gulf, known collectively as Alleyton.
“We are pleased to welcome Alleyton’s management team and its highly skilled and dedicated employees to Summit," said CEO Tom Hill. "Alleyton is a great fit with Summit’s growth strategy and we are excited about expanding our footprint in Texas into the Houston market.”
Alleyton will retain its current management structure and will continue growing its business as part of the Summit group of companies.
“Alleyton is very excited to join Summit," said Alleyton president Todd Barten. "We look forward to jointly growing our business and continuing to provide superior products, quality and service to our many valued customers.”
Alleyton operates five sand and gravel sites and seven ready-mix concrete plants in Houston.