Rayonier to spin off performance fibers unit; up 11%

|About: Rayonier Inc. (RYN)|By:, SA News Editor

The tax-free spinoff of Raynoier's (RYN) performance fibers business from the forest resources and real estate operations will result in two independent, 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," says CEO Paul Boynton. “While these businesses have historically provided Rayonier with balance and financial strength, the company has evolved into two distinct businesses and investment opportunities."

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