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Rayonier Advanced Materials recently rebranded as RYAM. RYAM is an American company recognized globally for its cellulose-based technologies. Specializing in high-purity cellulose specialties,[3] RYAM produces natural polymers extensively used in manufacturing filters, food, pharmaceuticals, and various industrial applications. Additionally, the company produces products for the paper and packaging industries. The company is publicly traded on the New York Stock Exchange under the ticker symbol RYAM. RYAM is headquartered in Jacksonville, Florida, with manufacturing operations in the U.S., Canada, and France. The company was formed in 2014 when Rayonier, Inc. divided into two separate entities: Rayonier retained its real estate and forest resource operations, while RYAM took over the management of the performance fibers division.[4]

Key Information

History

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20th century

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Rayonier Advanced Materials roots are traced back to 1926 with the founding of Rainier Pulp and Paper Company in San Francisco, California. Its first mill opened the next year in Shelton, Washington, and Port Angeles on the Olympic Peninsula. The mill used Tsuga heterophylla (western hemlock) trees to create a premium bleached paper pulp. In 1931, Rainier Pulp and Paper began working with the Du Pont chemical company to produce hemlock pulp for the manufacture of rayon. Two additional pulp mills were constructed and began operation in the state of Washington. Rainier Pulp and Paper changed its name to Rayonier, a portmanteau of the words, "rayon" and "Rainier", in 1937, when it became a publicly traded company. The following year, the company acquired timber stands in the southeastern United States and began construction of a Fernandina Beach, Florida, pulp mill, which began production in 1939.

In 1944, the company moved its offices to New York City. As World War II ended, Rayonier began making large land purchases in the Pacific Northwest. The Rayonier Foundation was created in 1952 to provide assistance to charitable, civic and education organizations in the communities where Rayonier did business. Rayonier opened international sales offices in Europe and Asia during 1954. That same year, another pulp mill in the southeast was constructed at Jesup, Georgia. High demand prompted the facility to double its capacity by 1957.

ITT purchased the company in 1968 and the name changed to ITT Rayonier. The Jesup mill grew larger in 1974, becoming the largest pulp mill on earth.[5] Company headquarters were moved again in 1978; this time to Stamford, Connecticut. Diplomatic relations with China were restored in 1979. The following year, Rayonier received orders for pulp and logs. It took almost five years to receive permission to open an office in Beijing, China in 1985. A log-trading office was opened in New Zealand during 1988. The New Zealand government sold Rayonier 250,000 acres (1,000 km2) of timberland in 1992.

The company was spun off from ITT in 1994 with the company name reverting to Rayonier and shares again traded on the New York Stock Exchange. Rayonier purchased 969,000 acres (3,920 km2) of timberland in Florida, Georgia and Alabama in 1999, then relocated the corporate offices to Jacksonville, Florida to be closer to company employees and properties.[6]

21st century

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Rayonier converted to a real estate investment trust (REIT) on January 1, 2004.[7] TerraPointe LLC was established in 2005 to manage properties with development potential. The 2006 purchase of 228,000 acres (920 km2) in six states brought the company's total of land owned, leased or managed to 2,600,000 acres (11,000 km2) in the U.S. and New Zealand. In March 2008, the company purchased 56,300 acres (228 km2) for $215 million in southwest Washington state from Sierra Pacific [8]

In March 2013, the company sold its wood products division, including its mills in Baxley, Swainsboro, and Eatonton, Georgia, to British Columbia-based International Forest Products (Interfor) for $80 million.[9]

In April 2013, the company increased its shareholding in the joint venture Matariki Forestry Group in New Zealand from 26% to 65% for $140 million.[1]

Creation of Rayonier Advanced Materials

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In June 2014, the company split its operations into two independent companies: Performance Fibers on one hand is named Rayonier Advanced Materials (NYSE: RYAM) and Forest Resources together with Real Estate as a REIT on the other hand continues as Rayonier, Inc., headed by David L. Nunes as its new CEO.[10][11] Shareholders of Rayonier have received one share of the new Rayonier Advanced Materials company for every three shares of Rayonier on June 27, 2014.[2][4]

References

[edit]
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Rayonier Advanced Materials

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Rayonier Advanced Materials Inc. (RYAM) is a global manufacturer and supplier of cellulose-based specialty products, focusing on sustainable, high-purity cellulose solutions derived from renewable wood sources. Spun off from Rayonier Inc. in June 2014, the company traces its roots to 1926 and is headquartered in Jacksonville, Florida, with approximately 2,350 employees. Operating in three primary business segments—High Purity Cellulose, , and High-Yield Pulp—RYAM produces products such as specialties for applications in consumer goods, textiles, absorbent materials, and industrial chemicals, as well as sustainable and bioethanol from . These offerings serve markets in the United States, , , , and other regions, emphasizing biodegradable alternatives to fossil-fuel-based materials to support a . The company's innovations, including partnerships like that with for household care products, have established industry standards for low-carbon solutions over more than a century of development. RYAM is committed to , sourcing wood from millions of acres of responsibly managed forests and targeting a 40% reduction in its by the end of the decade (from a 2020 baseline), while powering operations with sources such as 95% . As a NYSE-listed (ticker: RYAM), it continues to invest in to advance bio-based polymers and biofuels, contributing to global efforts in reducing and promoting eco-friendly manufacturing.

Overview

Company profile

Rayonier Advanced Materials Inc. (RYAM) was founded in 2014 as a spin-off from Rayonier Inc., separating its performance fibers business into an independent entity focused on specialty chemicals. The company's roots trace back to 1926 with the establishment of the Rainier Pulp & Paper Company in Washington State, marking the beginning of its involvement in pulp production. Headquartered in , RYAM operates as a listed on the under the RYAM. The company employs approximately 2,350 people worldwide. In 2024, RYAM reported annual revenue of $1.63 billion. As of November 2025, its stands at approximately $0.40 billion, with shares trading around $6.00 and a 52-week range of $3.35 to $10.02. RYAM positions itself as a global leader in renewable, bio-based materials derived from sustainably managed forests, transforming wood resources into high-value, solutions.

Business focus

Rayonier Advanced Materials (RYAM) primarily focuses on producing high-purity specialties, bio-based chemicals, and performance fibers from renewable wood sources, leveraging advanced manufacturing processes to create sustainable materials for diverse applications. These products include specialty used in bioethanol production and coproducts like sugars, as well as high-yield pulp and sustainable derived from responsibly managed forests. The company's operations emphasize transforming renewable resources into low-carbon alternatives, supporting the bio-economy by reducing reliance on fossil fuels. RYAM serves key market segments such as , pharmaceuticals, food and beverage additives, personal care, textiles, and , where its materials enable high-performance solutions like absorbent products, modifiers, and eco-friendly . For instance, its high-purity is integral to pharmaceutical applications and food thickeners, while performance fibers contribute to advanced textiles and media. This strategic emphasis positions RYAM as a vital supplier in industries transitioning to bio-based inputs, with products reaching global end-markets through established supply chains. The company is committed to principles, developing bio-alternatives that replace fossil-based materials and promote waste reduction, such as biodegradable polymers and from wood residuals. A notable example is its partnership with to produce sustainable household sponges using low-carbon specialty , which minimizes environmental impact by avoiding sea sponge harvesting and petroleum-derived components. This approach underscores RYAM's role as an innovation engine for low-carbon solutions, drawing on over 95 years of cellulose chemistry expertise to drive sustainable advancements. Following the 2017 acquisition of Tembec, RYAM underwent a strategic shift that diversified its portfolio and strengthened its global leadership in specialty forest products, integrating complementary capabilities in high-purity , , and high-yield pulp to enhance market reach and capacity.

History

Origins and early development (–1950s)

The origins of Rayonier Advanced Materials trace back to , when the Rainier Pulp & Paper Company was founded in , initially focusing on producing pulp from hemlock trees to meet the growing demand for materials in the industry. This venture capitalized on the abundant timber resources in the , establishing a foundation in wood-based pulp production that would evolve into specialized manufacturing. By leveraging local hemlock, which was abundant but underutilized compared to southern pines, the company positioned itself as an early innovator in sustainable forest utilization. In 1931, Rainier Pulp & Paper formed a pivotal with E.I. du Pont de Nemours and Company () to develop purified pulp suitable for textiles, marking a shift toward high-purity production from western hemlock. This addressed the need for consistent, high-quality raw materials in the emerging market, enabling the production of that could be chemically into viscose . The not only enhanced production techniques but also expanded , as 's expertise in chemical complemented Rainier's strengths. A significant consolidation occurred in 1937, when Rainier Pulp & Paper merged with two other Washington-based companies—Washington Pulp and Hoquiam Pulp—to form Incorporated, which quickly became the world's largest manufacturer of . That same year, began trading on the , providing capital for further growth and solidifying its position as a leader in the sector. The merger streamlined operations across multiple mills, focusing on high-alpha pulp essential for and other industrial applications, and set the stage for international expansion. Expansion into the southeastern United States followed in 1939 with the opening of Rayonier's first cellulose specialties plant in Fernandina Beach, Florida, which diversified production away from the Pacific Northwest's timber constraints. This facility, strategically located near southern pine resources, began producing chemical cellulose for a range of uses, including textiles and films. During World War II, particularly from 1942 onward, the Fernandina Beach plant ramped up production of high-purity cellulose for nitrocellulose, a critical component in explosives, lacquers, and other military materials, significantly contributing to the Allied war effort. The U.S. War Production Board prioritized this output, highlighting Rayonier's role in national defense. By 1954, to meet surging postwar demand for rayon and cellulose products, Rayonier constructed its Jesup, Georgia, plant—the company's second major facility in the Southeast and at the time one of the largest cellulose production sites globally, with an initial capacity of approximately 300 tons per day. This state-of-the-art mill, utilizing southern slash pine, supported applications like tire cord and , and its flexible design allowed for efficient scaling. High demand prompted the facility to double its capacity by 1957, reaching around 200,000 tons annually and enhancing 's overall production footprint.

Expansion and diversification (1960s–2013)

During the 1960s, Rayonier experienced significant corporate restructuring when it was acquired by ITT Corporation in 1968 for $293 million, operating thereafter as ITT Rayonier and integrating into a larger conglomerate structure. This period marked the beginning of expanded operations, including key investments in production capacity. In 1974, the company undertook a major expansion of its Jesup, Georgia, plant, transforming it into the world's largest kraft pulp production facility and enhancing its role in high-purity cellulose output. Rayonier's diversification efforts intensified through the development of its performance fibers business, which shifted focus toward high-value applications such as acetate-grade fibers for and advanced composites, moving beyond traditional pulp products. Innovations in this segment included the introduction of cold caustic extraction processes in the for sustainable purification and high-yield in the late 1970s for absorbent consumer goods. By the 1990s, following its spin-off from ITT Corporation in 1994—where ITT distributed 100% of its forest products division to shareholders, restoring Rayonier's independence as a publicly traded entity—the company reorganized as a in 2004, balancing timberland management with performance fibers and . Land acquisitions further supported this growth, such as the 1999 purchase of 968,000 acres in the southeastern U.S., expanding total holdings to 2.4 million acres. Strategic investments in underscored Rayonier's push into diversified products, including pioneering technology in 1977 for applications in composites and , and establishing a dedicated R&D facility in Jesup in 1996 to advance bio-based materials like derivatives for potential bio-ethanol precursors. These efforts contributed to the performance fibers segment's prominence by 2013, when reported total revenue of $1.7 billion and of $372 million, with the segment driving much of the profitability through expanded specialties production via a $385 million at Jesup. This period of growth and innovation culminated in the 2014 spin-off of the performance fibers business into Rayonier Advanced Materials.

Spin-off and recent evolution (2014–present)

In June 2014, Rayonier Inc. completed a tax-free spin-off of its performance fibers business, creating Rayonier Advanced Materials Inc. (NYSE: RYAM) as an independent publicly traded company focused on high-purity cellulose operations. This separation allowed Rayonier Advanced Materials to concentrate on producing high-value specialty cellulose fibers, while Rayonier Inc. shifted to a pure-play timberland management and model. The spin-off positioned Rayonier Advanced Materials as the world's leading producer of high-purity cellulose, a natural polymer used in diverse applications from textiles to pharmaceuticals. In November 2017, Rayonier Advanced Materials acquired Tembec Inc. for approximately $870 million, significantly expanding its footprint in the cellulose and forest products sectors. The deal integrated Tembec's Canadian manufacturing facilities, including mills in Quebec and Ontario, enhancing Rayonier Advanced Materials' capabilities in high-purity cellulose specialties and diversifying into complementary areas such as high-yield pulp, packaging paper, and lumber. This acquisition strengthened the company's global position by adding strategic assets and operational scale, enabling better market responsiveness in North American and international segments. In 2022, Rayonier Advanced Materials underwent a corporate to RYAM, emphasizing its role in the sustainable bio-economy through the tagline "Pure Nature, Pure Science." This rebrand highlighted a strategic pivot toward renewable, bio-based innovations as alternatives to fossil-fuel-derived materials. Amid market challenges, RYAM navigated the impacts of the , which caused modest disruptions to demand in its cellulose specialties and paperboard segments while benefiting profitability through lower input costs. The company focused on offsetting inflation and supply-chain pressures by enhancing operational resilience and prioritizing high-margin products. Concurrently, RYAM accelerated shifts toward green technologies, committing to a 40% reduction in Scope 1 and 2 by 2030 from a 2020 baseline and advancing bio-based solutions like second-generation bioethanol production. As of 2025, RYAM continues integrating acquired assets from the Tembec deal through operational reorganizations, including a January restructuring of its high-purity cellulose segment into distinct business units to optimize performance amid market volatility. Despite challenges such as the indefinite suspension of operations at the Temiscaming facility in July 2024, the company is exploring new bio-based applications, exemplified by a July 2025 memorandum of understanding with GranBio to develop a cellulosic sustainable aviation fuel project at its Jesup, Georgia facility using proprietary AVAP® technology for biomass conversion. In November 2025, RYAM reported third-quarter results demonstrating core business resilience, with adjusted EBITDA guidance for the year refined to $135–140 million amid ongoing market pressures. This initiative, alongside projects in bioethanol and prebiotics, underscores RYAM's ongoing emphasis on sustainable biomaterials innovation.

Products and technologies

High-purity cellulose specialties

Rayonier Advanced Materials produces high-purity (HPC) derived from sustainably sourced , serving as a foundational material for specialized industrial applications due to its refined composition and performance characteristics. This HPC undergoes rigorous processing to achieve elevated levels of refinement, enabling its use in sectors requiring precise material properties. The production of HPC at Rayonier Advanced Materials involves kraft pulping, a chemical process that separates fibers from wood chips using and , followed by extensive purification steps including extraction and multistage bleaching to remove impurities and enhance quality. These operations occur at key facilities such as , and , where the pulp is formed into sheets optimized for downstream conversion. The resulting material exhibits controlled viscosity, high brightness, and uniform particle size, which are tailored to meet specific end-use requirements, such as in displays (LCDs) for optical clarity and in bio-polymers for structural integrity. HPC finds primary applications across diverse industries, leveraging its , renewability, and versatility as alternatives to petroleum-based materials. In , acetate-grade HPC is employed in filters, automotive air filters, and systems, including membranes for , due to its efficient particle capture and durability. For pharmaceuticals, ethers-grade HPC serves as a binder in capsules and enables controlled-release mechanisms in tablets, with products like (MCC) and hydroxypropyl methylcellulose (HPMC) providing reliable coatings and viscosity control. In food additives, HPC acts as stabilizers and thickeners, enhancing texture in items such as , , and casings, while offering vegan-friendly and customizable solutions. Textile applications utilize HPC in the production of viscose for clothing and films, capitalizing on its fiber-forming capabilities. In personal care, variants of HPC provide superior liquid absorption in diapers, products, and absorbent pads, replacing synthetic alternatives with eco-friendly options. Notable examples include derived from HPC, which is molded into durable eyeglass frames valued for their lightweight strength and color versatility, and , used in high-performance coatings for inks and adhesives where brightness and purity ensure superior finish quality.

High-yield pulp and paperboard products

Rayonier Advanced Materials produces high-yield pulp (HYP) using efficient processes that leverage short-fiber trees like aspen and to achieve nearly double the yield compared to traditional market pulps, requiring fewer trees for the same volume of products. This production method incorporates lower water and energy consumption through optimized operations, contributing to a reduced environmental impact while maintaining high bulk and strength in the resulting pulp. The pulp is sourced from renewable working forests, with RYAM planting three trees for every one harvested, further enhancing its sustainability profile. RYAM's lightweight paperboard, branded as Kallima®, utilizes HYP in its multi-ply to deliver superior and opacity while minimizing weight, making it ideal for applications such as food containers, folding cartons, and high-impact , including e-commerce packaging. In October 2025, RYAM expanded the Kallima® portfolio with an enhanced freezer-grade folding carton board designed for applications, offering improved durability and print quality. This low-density design provides a basis weight advantage over competing products, enabling material and cost savings without compromising performance, and supports advanced printing techniques like foil stamping and UV coatings. Produced at facilities like the one in , , these paperboards are FSC® and PEFC™ certified, ensuring responsibly managed sourcing. Following the 2017 acquisition of Tembec, RYAM expanded its high-yield pulp capacity, particularly at the Temiscaming facility in Quebec, which produces approximately 290,000 metric tons annually, including Northern bleached softwood kraft (NBSK) variants integrated into the HYP portfolio. This integration bolstered RYAM's ability to supply bulky, high-yield fibers for paperboard applications, enhancing overall efficiency in sustainable product lines. The overall process yields a lower carbon footprint than traditional pulps due to renewable biomass energy comprising 78% of company operations (as of 2024) and targeted GHG reductions.

Operations

Manufacturing facilities

Rayonier Advanced Materials operates three primary manufacturing facilities for high-purity production in the United States and , with an additional site in focused on high-yield pulp and following the suspension of its operations. These sites collectively support the company's global output of specialties and products, with a combined annual capacity of approximately 625,000 metric tons for high-purity from the operating facilities as of the end of 2024. The Jesup facility in Georgia, , is the world's largest cellulose specialties plant, producing a range of high-purity products including specialties and commodity fluff for applications in filters, pharmaceuticals, and absorbent materials. Opened in 1954 as Rayonier's second southeastern , it underwent a major expansion in 1974 that positioned it as the largest globally at the time. The site currently has an annual production capacity of 330,000 metric tons of products, including 270,000 metric tons dedicated to commodity grades, and employs over 800 people while contributing significantly to the local economy. In , , the company's oldest facility focuses on specialties, commodity viscose, and emerging biomaterials such as second-generation bioethanol, with production supported by sources. Established in 1939 as the first in the Southeast, it marked a key expansion of Rayonier's operations into high-purity manufacturing. The plant has an annual capacity of 155,000 metric tons and employs more than 300 workers, generating substantial economic impact through wages exceeding $35 million annually. The Tartas facility in southwestern serves as the company's European production hub for high-purity and biosolutions, including and second-generation bioethanol produced from residues. Acquired in 2017 as part of the Tembec transaction, the site leverages renewable hydroelectric power and has an annual capacity of 140,000 metric tons for products, employing over 325 people. It plays a critical role in serving European markets with sustainable materials certified under ISCC EU standards. In 2025, the at Tartas was restarted, expanding biosolutions capabilities. At the Temiscaming site in , , acquired through the 2017 Tembec acquisition, high-purity operations were suspended indefinitely in July 2024 due to market conditions, eliminating its 150,000 metric capacity in that segment from active production. The facility, originally established in , continues to produce northern bleached kraft (NBSK) high-yield pulp at over 290,000 metric tons annually and coated at 180,000 metric tons, alongside bio-products powered by carbon-neutral . It employs more than 700 people and remains integral to the company's diversified output. As of late 2024, the company was exploring the potential sale of the and high-yield pulp assets at this site. Across these four mills, Rayonier Advanced Materials maintains a total global production capacity of approximately 1.2 million metric tons annually when including high-yield pulp and segments and the suspended high-purity capacity, enabling efficient scaling for -based products and bio-derived innovations.

and global markets

Rayonier Advanced Materials sources its primary raw material, wood fiber, from sustainably managed working forests spanning and . In the United States and , procurement occurs primarily from private lands covering over one million acres, while in , it draws from provincial lands under long-term supply agreements. The company processes more than four million tons of wood chips annually, emphasizing residual materials from operations to support a approach. To ensure traceability and environmental responsibility, RYAM maintains chain-of-custody certifications from the (FSC, certification number C128948) and the Programme for the Endorsement of Forest Certification (PEFC/29-31-349) across all manufacturing facilities. These certifications verify that wood originates from responsibly managed s, with partners required to adhere to best management practices that protect , , and . For every tree harvested, the company plants three more, fostering long-term regeneration. RYAM operates an export-oriented , with approximately 66% of its 2024 revenue generated from international sales to over 40 countries. Key export destinations include —particularly , , and —, , and other regions, driven by demand for high-purity in global manufacturing. In contrast, U.S. domestic markets focus on applications, leveraging proximity to North American customers for efficient distribution. The company's logistics network relies on third-party providers for rail, , and , enabling just-in-time delivery to industrial clients worldwide. Facilities such as the Jesup plant in Georgia are positioned near freight rail hubs and three deep-water ports, minimizing transit times and costs while supporting seamless integration with global trade routes. RYAM serves diverse market segments, with a significant portion directed toward industrial uses such as systems and chemical production, alongside consumer applications in products and food additives, and packaging solutions for and high-yield pulp. This balanced portfolio allows the company to address varied end-user needs while prioritizing sustainable, renewable materials. In the 2020s, RYAM has navigated supply chain challenges including geopolitical conflicts, U.S.- trade tariffs, chemical shortages from 2021-2022 weather events in the southeastern U.S., and a 2024 fire at the Jesup facility that temporarily halted operations. Port strikes and rising energy costs have further strained . The company mitigates these risks through diversified wood sourcing across multiple regions, production curtailments to match demand, and hedging to stabilize costs.

Leadership and governance

Executive leadership

De Lyle W. Bloomquist has served as President and of Rayonier Advanced Materials since May 28, 2022, overseeing global operations and initiatives. Prior to assuming the CEO role, Bloomquist joined the company's board in 2014 and was appointed Non-Executive Chair in May 2020. His extensive background in the forest products industry includes serving as President of the Global Chemical Business at Limited from 2009 to 2015 and as President and CEO of General Chemical Industrial Products Inc. from 2004 to 2009, where he held various positions in chemical and operations. Key executives support Bloomquist in driving strategic priorities. Marcus J. Moeltner has been and Senior of since July 2019, managing financial strategy and the company's $729 million adjusted net debt as of September 27, 2025. Moeltner brings over 30 years of experience in forest products and consumer goods . Michael Osborne serves as of since April 2023, focusing on facility optimization and across production sites, drawing on more than 30 years in leadership. For innovation, Christian Ribeyrolle has led as of Biomaterials since November 2021, directing R&D efforts in sustainable bio-based materials with over 30 years in the and sectors. The team's collective expertise spans bio-materials development, , and , aligning with Rayonier Advanced Materials' focus on high-purity and . emphasizes performance-based incentives, including long-term equity awards tied to strategic and ESG-related goals such as emissions reductions and targets. This structure supports tenure stability, with several leaders having served over five years in their roles. The team operates under board oversight to ensure alignment with corporate objectives.

Corporate governance

Rayonier Advanced Materials Inc. (RYAM) maintains a board of nine directors, with eight independent members excluding the CEO, ensuring a high level of oversight independence as detailed in the company's 2025 proxy statement. The board's composition includes three female directors and one racially or ethnically diverse director, reflecting a commitment to diversity in governance. As of November 1, 2025, RYAM's ISS Governance QualityScore stands at 3, demonstrating strengths in audit practices and board structure, with pillar scores of 3 for both Audit and Board, and 5 for Shareholder Rights. The board operates through five key standing committees, all comprised exclusively of independent directors: the , which oversees financial reporting and internal controls; the Compensation Committee, responsible for executive pay and incentive programs; the Nominating and Committee, focused on director nominations and governance principles; the Sustainability Committee, addressing environmental, social, and governance (ESG) objectives; and the Finance Committee, handling financial strategy and risk. These committees held multiple meetings in 2024, including eight for Audit and four for Compensation, to fulfill their respective mandates. RYAM's governance policies emphasize ethical sourcing as outlined in its Code of Conduct, board diversity to promote balanced perspectives, and robust shareholder rights such as majority voting for uncontested director elections and annual advisory votes on executive compensation (say-on-pay). Key practices include the annual issuance of proxy statements to shareholders and comprehensive ESG reporting aligned with U.S. Securities and Exchange Commission (SEC) requirements, exemplified by the 2023 Sustainability Report that details progress on greenhouse gas emission reduction targets. In recent updates, the board has intensified its focus on enterprise risk management, particularly for supply chain vulnerabilities and climate-related risks, integrating these into oversight protocols and compensation assessments to enhance long-term resilience.

Financial performance

Key financial metrics

Following its spin-off from Rayonier Inc. in 2014, Rayonier Advanced Materials (RYAM) experienced revenue growth from $941 million in 2015 to $1.63 billion in 2024, driven by the 2017 acquisition of Tembec Inc. for approximately $1.3 billion (including assumed net debt), which expanded its product portfolio and production capacity, though subsequent years saw fluctuations amid volatile commodity markets. showed significant variability over this period, ranging from a high of $311 million in 2017 to losses of $102 million in 2023 and $39 million in 2024, largely attributable to swings in and pulp commodity prices that impacted margins and demand. Key financial ratios reflect RYAM's operational resilience and leverage management. Adjusted EBITDA margins have typically ranged from 8% to 14% in recent years, with 2024 at approximately 13.6% ($222 million adjusted EBITDA on $1.63 billion revenue), up from 8.5% in 2023, supported by cost efficiencies and higher pricing in high-purity cellulose segments. The debt-to-equity ratio, which surged to 2.81 following the $1.3 billion Tembec acquisition in 2017, was gradually reduced through debt refinancing and cash flow generation, stabilizing at 1.98 by the end of 2024. In 2024, RYAM achieved revenue of $1.63 billion, adjusted of $128 million, and adjusted net debt of $653 million, marking improvements in cash generation and strength compared to prior years. These results were influenced by cyclical pulp price recoveries, synergies from the Tembec integration that enhanced efficiencies and market reach, and foreign exchange fluctuations affecting export revenues, particularly to and . Regarding shareholder returns, RYAM suspended dividend payments after the Tembec acquisition to focus on reduction and capital investments, with no payouts resumed through 2024 as priorities shifted toward improving liquidity and operational investments.

Recent quarterly results (as of 2025)

Rayonier Advanced Materials reported net sales of $353 million for the third quarter of 2025, a decline from the prior-year quarter and below analyst estimates of approximately $374 million, primarily due to lower volumes and prices. The company recorded a loss from continuing operations, with (EPS) of $(0.07), meeting consensus expectations but reflecting ongoing market pressures in non-core segments. Operating income improved to $9 million, up $26 million year-over-year, supported by cost controls and higher pricing in core businesses. Year-to-date through the third quarter of 2025, cumulative net sales declined amid U.S. capacity additions in the sector and planned idling of underperforming assets, contributing to softer overall demand. However, operating margins showed improvement from aggressive cost management measures, including reduced manufacturing expenses and operational efficiencies. On the balance sheet, the company generated positive from operations despite these headwinds, bolstered by optimizations estimated at $28 million for the year. Full-year 2025 guidance was lowered, with adjusted EBITDA now projected at $135 million to $140 million, down from the prior range of $150 million to $160 million, citing persistent pricing pressures in pulp and markets. In segment performance, the high-purity cellulose specialties unit remained stable, achieving adjusted EBITDA of $66 million with a 32% margin, driven by a 7% increase in average sales prices despite a 12% drop in net sales from lower volumes. Conversely, the high-yield pulp and paperboard segment faced challenges from global oversupply, resulting in lower prices and volumes that pressured overall results. These details were highlighted in the company's earnings release and on November 4, 2025, where executives emphasized resilience in core operations and a forward outlook focused on strategic idling and cost discipline to navigate near-term market dynamics.

Sustainability and

Environmental commitments

Rayonier Advanced Materials (RYAM) has established ambitious environmental goals centered on reducing its operational impacts across emissions, resource use, and ecosystem preservation. The company aims to reduce its combined Scope 1 and 2 (GHG) emissions by 40% by 2030 from a 2020 baseline, with progress tracked through annual reporting. Based on 2023 , RYAM was on track to meet this target, having achieved a 21% absolute reduction in these emissions by the end of 2023, supported by sourcing nearly 78% of its global energy from renewable sources such as at its mills. To ensure responsible sourcing, RYAM procures 100% of its wood inputs from certified or controlled sources under the (FSC) and Programme for the Endorsement of Forest Certification (PEFC) standards, with annual verification to promote sustainable forestry practices. Additionally, the company holds ISO 14001 certification for environmental management systems at key facilities, including its Temiscaming () and Tartas () sites, which was recertified in 2023 to guide ongoing improvements in pollution prevention and compliance. In water management and waste reduction, RYAM has achieved returning 92.6% of withdrawn as treated in 2023 to minimize impacts on local water bodies. The , plant exemplifies waste minimization efforts, complemented by an 11% reduction in hazardous waste generation company-wide in 2023. RYAM supports conservation through strategic partnerships that protect over 2.24 million acres of working forests, which also sequester approximately 8 million metric tons of carbon annually and provide habitats for . These initiatives emphasize sustainable forest management to balance timber production with ecological integrity. The company publishes annual sustainability reports aligned with SASB and TCFD standards, providing transparent disclosure of environmental performance, including Scope 1, 2, and 3 emissions (Scope 3 reported in 2023 at 3,759,876 metric tons CO2 equivalent). These reports underscore RYAM's commitment to verifiable progress and integration of green technologies from its research efforts.

Research and development initiatives

Rayonier Advanced Materials (RYAM) operates dedicated research and development (R&D) centers in Jesup, Georgia, and Bordeaux, France, where teams of scientists, engineers, and researchers focus on pioneering advancements in bio-based polymers, lignin extraction, and cellulose nanocomposites. These facilities leverage RYAM's expertise in renewable biomass to develop sustainable alternatives to fossil fuel-derived materials, emphasizing circular economy principles through the valorization of wood-based feedstocks. Key R&D projects include the development of plant-based bioplastics derived from high-purity , serving as eco-friendly substitutes for petroleum-based plastics in applications such as bottles and packaging. Another significant initiative involves advancements in second-generation () bio-ethanol production from pulp manufacturing byproducts, such as residual sugars in spent liquor, enabling the conversion of into that support cleaner transportation under frameworks like the Renewable Energy Directive. In 2022, RYAM invested in a dedicated bio-ethanol facility at its Tartas site in , with production starting in 2024. A proposed bioethanol facility at , was denied local approval in 2025, leading RYAM to pursue compensation. RYAM allocates resources to R&D through strategic investments and partnerships, collaborating with academic institutions such as , , , , Grenoble INP-Pagora, and Bordeaux University to advance bio-based innovations. These efforts include joint projects like prebiotic additives for sustainable and processes for pulp production. Historical collaborations with industry leaders, such as in the early for pulp purification techniques, have evolved into ongoing engagements with firms in the biomaterials sector. The company holds numerous active related to modification, including processes for microfibrillated and cross-linked fibers that enhance performance in industrial applications. In the 2020s, RYAM's focus has shifted toward technologies, such as carboxylated nanocrystals (CNC) developed through its investment in Anomera Inc., which enable biodegradable alternatives to synthetic additives. Additionally, lignin-based under the Arbo brand, extracted from pulping processes, are for uses in additives and production, promoting . RYAM's R&D outcomes have established industry standards for sustainable filters and additives, tracing back to innovations in that introduced renewable cellulose-based media. More recently, in July 2025, RYAM signed a with GranBio to explore a cellulosic sustainable (SAF) project at its Jesup facility, backed by a U.S. Department of Energy grant; this pilot aims to produce carbon-negative fuels from residues, aligning with broader environmental commitments to reduce lifecycle emissions.

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