Rayonier Advanced Materials Inc 8-K, filed Apr 29, 2024
Rayonier Advanced Materials Inc. (RYAM)
8-K
2024-04-29
For: 2024-04-29
View Original
Added on
April 11, 2026
About this 8-K
Rayonier Advanced Materials Inc filed this 8-K on April 29, 2024.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMMISSION FILE NUMBER 001-36285
Incorporated in the State of Delaware
I.R.S. Employer Identification Number 46-4559529
(Principal Executive Office)
Telephone Number: (904 ) 357-4600
Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Exchange on which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 8.01 Other Events
On April 29, 2024, Rayonier Advanced Materials Inc. (the “Company”) announced that, effective July 2, 2024, it will suspend operations at its Temiscaming High Purity Cellulose plant (the “Plant”) for an indefinite period.
This decision does not affect the Company’s paperboard and high-yield pulp plants located adjacent to the Plant.
A copy of the Company’s press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 8.01 shall not be deemed “filed” for purposes of Section 18 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| 99.1 | |||||
| 104 | Cover page interactive data file (embedded within the Inline XBRL document) | ||||
1
Signature
Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Rayonier Advanced Materials Inc. | |||||
| By: | /s/ Richard Colby Slaughter | ||||
| Richard Colby Slaughter | |||||
| Senior Vice President, General Counsel and Corporate Secretary | |||||
April 29, 2024 | |||||
2
RYAM to Suspend Temiscaming High Purity Cellulose Plant Operations for an Indefinite Period
JACKSONVILLE, Fla, April 29, 2024 – Rayonier Advanced Materials Inc. (NYSE: RYAM) is announcing that, effective July 2, 2024, it will suspend operations at its Temiscaming High Purity Cellulose (HPC) plant for an indefinite period. As previously communicated, the Company remains committed to operating its assets profitably.
Given current market conditions and high capital and fixed costs associated with the HPC plant, this decision will help mitigate the plant’s ongoing operating losses and improve the Company’s consolidated free cash flow. Today’s announcement is aligned with the Company’s focus on improving its balance sheet, leverage position and overall financial performance toward execution of its long-term growth strategy.
The suspension, which will be carried out in a safe and environmentally sound manner, will result in a reduction of RYAM’s annual global HPC production. The Temiscaming HPC facility has an annual production capacity of approximately 150,000 metric tons, with roughly 30 percent historically dedicated to specialty cellulose materials. The Company will be working directly with its customers to support their specialty cellulose needs in both the short- and long-term. Today’s announcement will result in approximately 275 layoffs.
“Persistent market weakness, uncertain availability of affordable wood fiber, and high capital and fixed costs have posed significant challenges for the Temiscaming HPC plant,” said De Lyle Bloomquist, President and Chief Executive Officer. “This decision, which we do not take lightly, is made only after a rigorous strategic review in which multiple alternatives were thoroughly explored. We are mindful of the impact this will have on affected employees and will take appropriate measures to assist these employees in keeping with the collective agreement, RYAM values and applicable law.”
This decision does not affect RYAM’s paperboard and high-yield pulp plants located adjacent to the Temiscaming HPC plant. These two plants, which are part of an ongoing sales process announced last October, remain competitive and will continue to operate at full capacity.
About RYAM
RYAM is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly used in the production of filters, food, pharmaceuticals and other industrial applications. The Company also manufactures products for paper and packaging markets. With manufacturing operations in the U.S., Canada and France, RYAM generated $1.6 billion of revenue in 2023. More information is available at www.RYAM.com.
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CORPORATE HEADQUARTERS
1301 Riverplace Boulevard Suite 2300 Jacksonville, FL 32207
904.357.4600 fax 904.357.9101 www.RYAM.com