Rayonier Advanced Materials Announces Suspension of Dividend on Its Common Stock

Financial News

JACKSONVILLE, Fla. -- Sep. 6, 2019-- Rayonier Advanced Materials Inc. (NYSE:RYAM) announced today that the Company’s board of directors has suspended its quarterly cash dividend on the Common Stock of the Company citing the need to prioritize its cash flow to repay indebtedness and fund the Company’s capital investments and working capital needs.

The Company is focused on managing through the current challenging market conditions that have negatively impacted its operating results.

“The board and management believe this is a prudent decision to optimize financial flexibility in uncertain economic times and is in the best interest of all of the Company’s stakeholders,” said Paul Boynton, President and CEO. “This allows the Company to redeploy approximately $18 million of cash annually to essential operating needs and debt obligations.”

About Rayonier Advanced Materials

Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in cell phones, computer screens, filters and pharmaceuticals. The Company also manufactures products for lumber, paper and packaging markets. With manufacturing operations in the U.S., Canada and France, Rayonier Advanced Materials employs approximately 4,200 people and generated approximately $2.1 billion of revenues in 2018. More information is available at www.rayonieram.com.

Source: Rayonier Advanced Materials Inc.