Rayonier Closes Spin-off Of Rayonier Advanced Materials

(RTTNews) - Rayonier Inc. (RYN) announced that on Friday it completed the spin-off of Rayonier Advanced Materials Inc. (RYAM), which is now a new independent specialty chemicals company.

The company stated that the Public trading of Rayonier Advanced Materials will commence in the "regular way" with the opening bell of the New York Stock Exchange this morning under the "RYAM" ticker symbol.

The separation was effected by means of a tax-free spin-off of 100 percent of the common stock of Rayonier Advanced Materials to Rayonier shareholders of record as of the close of business on June 18, 2014.

As previously indicated, effective as of the completion of the spin-off, Richard Kincaid is Chairman of the Board of Rayonier, and David Nunes is Rayonier's President and CEO.