Rayonier (NYSE:RYN) reported fourth quarter 2014 net income attributable to Rayonier of $9 million, or $0.07 per share, compared to $80 million, or $0.62 per share, in the prior year period. The current and prior period fourth quarter results included $0.3 million and $48 million, respectively, of income from discontinued operations.1 The current period also includes $2 million of costs related to the internal review and restatement announced in November, 2014. Excluding these items, pro forma net income2 was $11 million, or $0.09 per share, for the fourth quarter and $32 million, or $0.25 per share, in the prior year period.
WestRock Company (NYSE:WRK) today announced that it has completed the acquisition of SP Fiber Holdings, Inc. (“SP Fiber”), a producer of recycled containerboard, kraft and bag paper, and newsprint.
Through this transaction, WestRock has acquired mills located in Dublin, Georgia, and Newberg, Oregon that produce lightweight recycled containerboard and kraft and bag paper for end use in consumer and corrugated packaging.
“We expect to further improve the service we provide to customers as a result of this transaction,” said Jim Porter, president, Paper Solutions, WestRock. “Both WestRock and SP Fiber have strong track records of product quality and innovation, and we are excited about combining our resources to enhance our offering of paper solutions for food service, corrugated packaging and other markets.”
The transaction is expected to generate significant synergies and be accretive to WestRock’s earnings in the second half of fiscal year 2016.