JACKSONVILLE, Fla.--(BUSINESS WIRE)--Rayonier Advanced Materials Inc. (NYSE: RYAM) and Borregaard ASA (BRG) announced today LignoTech Florida, owned 45 percent by RYAM and 55 percent by BRG, officially begun operations at the new lignin plant in Fernandina Beach. The plant has production capacity of 100,000 dry metric tons of lignin with the option of a second phase that can later expand production by an additional 50,000 dry metric tons
“We are excited to complete construction phase of the plant, on time and within $110 million combined budget,” said Paul G. Boynton, Chairman, President and Chief Executive Officer of Rayonier Advanced Materials. “This investment provides new jobs for the Fernandina Beach community, diverse and environmentally-friendly products for Rayonier Advanced Materials, and a solid return on capital for our investors.”
Lignin, a natural component of wood, is a co-product of Rayonier Advanced Material’s sulphite cellulose manufacturing process in Fernandina Beach. The new operation will process the lignin into value-added products that provide environmentally-friendly alternatives to fossil fuel-based products used globally in construction, agriculture and other industrial applications.
LignoTech Florida has received unwavering support from the City of Fernandina Beach, Nassau County and the State of Florida throughout the evaluation and construction process. The economic and logistical support provided by local and state governments helped to bring this investment into the community and created more than 50 new high-paying jobs at the plant.
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 generates approximately US$2 billion of pro forma revenues. More information is available at www.rayonieram.com.
About Borregaard ASA
Borregaard operates the world’s most advanced biorefinery. By using natural, sustainable raw materials, Borregaard produces advanced and environmentally friendly biochemicals, biomaterials and bioethanol that replace oil-based products. The Borregaard Group has 1050 employees in 16 countries and had revenues in 2017 of approximately $550 million. The lignin business constitutes close to 50% of the Group’s turnover with plants in 7 countries.
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Rayonier Advanced Materials’ or LignoTech Florida’s future or expected events, developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "believe," "intend," "anticipate" and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are described or will be described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Rayonier Advanced Materials assumes no obligation to update these statements except as is required by law.