Jacksonville Business Journal
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Rayonier Inc. said Monday it has agreed to sell its Georgia wood products business division to International Forest Products Ltd. for $80 million.
The wood products business, headquartered in Baxley, Ga., consists of three lumber mills in Baxley, Swainsboro, Ga. and Eatonton, Ga.
As part of the transaction, all 260 employees will keep their jobs. The three mills contributed about $10 million in operating income to Rayonier (NYSE: RYN) last year.
“This sale represents another key move in our strategy to fully position our manufacturing operations in the specialty chemicals sector,” Paul Boynton, Rayonier chairman, president and CEO, said in a news release. “At the same time, the conversion of our commodity fluff pulp business to cellulose specialties remains on track for mid-2013 startup."
Boynton took over as Rayonier's CEO in 2012, and said he would boost the company’s performance fibers division, which includes the cellulose specialties.
Rayonier, based in Jacksonville, is an international forest products company with core businesses in timber, real estate and performance fibers.