Free Pulp & Paper News Email. Subscribe Now!
0
JACKSONVILLE, Florida and MONTREAL, Québec—Aug 11, 2017—Rayonier Advanced Materials Inc. (NYSE: RYAM) (“Rayonier Advanced Materials”) and Tembec Inc. (TSX: TMB) (“Tembec”) announced today that they received notification from the Anti-Monopoly Bureau of the Ministry of Commerce of the People’s Republic of China (often referred to as MOFCOM) that it has cleared, without condition, the previously announced proposed statutory arrangement under Section 192 of the Canada Business Corporations Act (the “Transaction”) involving the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec.

The Transaction has already received antitrust clearance from Germany’s Federal Cartel Office, and the United States Department of Justice and the Federal Trade Commission have notified Rayonier Advanced Materials and Tembec that the Hart-Scott-Rodino premerger notification waiting period was terminated. The Transaction has also been approved by the Québec Superior Court. Applications for clearance from the applicable regulatory authorities in Canada remain pending. Subject to obtaining other necessary approvals, as well as the satisfaction or waiver of the conditions to the Transaction, it is expected that the Transaction will be completed in the fourth quarter of 2017.

About Rayonier Advanced Materials
Rayonier Advanced Materials is a leading global supplier of high purity cellulose, a natural polymer commonly found in cell phones, computer screens, filters and pharmaceuticals. The company engineers dozens of customized products at its plants in Florida and Georgia, delivering unique properties, unparalleled consistency and exceptional quality. Rayonier Advanced Materials’ facilities can produce approximately 485,000 tons of high purity cellulose and 245,000 tons of commodity products. With approximately 1,200 employees and revenues of US$870 million Rayonier Advanced Materials is routinely ranked among the nation’s top 50 exporters, shipping products to five continents, 35 countries and 80 ports around the world. More information is available at www.rayonieram.com.

About Tembec
Tembec is a manufacturer of forest products – lumber, paper, pulp and high purity cellulose – and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has approximately 3,000 employees and annual sales of approximately C$1.5 billion. Tembec is listed on the Toronto Stock Exchange (TMB). More information is available at www.tembec.com.

Comments

PaperIndex Times is Powered by