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{{Use American English|date=July 2017}}
{{Use mdy dates|date=July 2017}}
{{Infobox company
| name          = Rayonier
| logo          = Rayonier logo.svg
| type          = [[Public company|Public]]
| traded_as     = {{NYSE|RYN}}<br>[[List of S&P 400 companies|S&P 400 Component]]
| industry      = [[Timber]]
| foundation    = 1926
| location      = 1 Rayonier Way<br>Wildlight, [[Florida]] 32097
| key_people    = Scott Jones – Chairman,<br>Mark D. McHugh – President and CEO,<br>Douglas M. Long – SVP and Chief Resource Officer<ref name="10K 2023">{{cite web|title=SEC 10-K 2023|url=https://ir.rayonier.com/static-files/9aed8b98-efd5-412d-afad-3851065d264b|access-date=2024-11-26}}</ref>
| products      = [[Timber]], [[real estate]]
| revenue       = {{decrease}} [[United States dollar|US$]]909 million (2022)<ref name="10K 2022" />
| net_income    = {{decrease}} [[United States Dollar|US$]]107 million (2022)<ref name="10K 2022" />
| num_employees = 419 (322 in US)<ref name="10K 2022">{{cite web|title=SEC 10-K 2022|url=https://ir.rayonier.com/static-files/c2fce8d6-3b0b-474f-b2d3-771ad5883014|access-date=2023-04-21}}</ref>
| footnotes     = <ref name="Spin-off">{{cite web|title=Rayonier Completes Separation of Rayonier Advanced Materials|url=http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-newsArticle&ID=1943583&highlight=|access-date=July 5, 2014}}</ref><ref name="AR 2013">{{cite web|title=Rayonier Annual Report 2013 10k|url=https://www.rayonier.com/Documents/2013_Annual_Report.aspx|access-date=April 22, 2014}}</ref>
| homepage      = {{url|rayonier.com}}
}}
'''Rayonier Inc''', headquartered in Wildlight, [[Florida]], is a timberland [[real estate investment trust]] ("REIT") with assets located in some of the most productive softwood [[timber]] growing regions in the United States and New Zealand. Its core business segments are timber and real estate.
As of December 31, 2022, the company owned or leased approximately 2.8 million acres of timberlands overall, located in the [[Southern United States|U.S. South]] (1.92 million acres) and U.S. Pacific Northwest (474,000 acres). The company also has a 77% ownership interest in Matariki Forestry Group, a joint venture, that owns or leases approximately 417,000 acres of timberlands in [[New Zealand]].<ref name="10K 2022" />
==History==
Rayonier was founded in 1926 as the '''Rainier Pulp and Paper Company''' in [[Shelton, Washington]], with a headquarters office in [[San Francisco]], [[California]]. Its name was inspired by [[Mount Rainier]] in Washington state. Its first mill opened the next year in Shelton [[Washington (state)|Washington]], on the [[Olympic Peninsula]]. The mill used ''[[Tsuga heterophylla]]'' (western hemlock) trees to create a premium bleached paper pulp.
In September 1930, Rainier Pulp and Paper began working with the [[DuPont]] chemical company to produce [[Tsuga|hemlock]] pulp for the manufacture of [[rayon]].<ref>Rayonier History, B.B. Thomas, 17 April 1968</ref> Two additional pulp mills were constructed and began operation in the state of [[Washington (state)|Washington]] at [[Hoquiam, Washington]] and [[Port Angeles, Washington]].
Rainier Pulp and Paper changed its name to Rayonier, a [[portmanteau]] of the words ''rayon'' and ''Rainier'', in 1937, when it became a publicly traded company. The following year, the company acquired timber stands in the southeastern United States, and began construction of a [[Fernandina Beach, Florida]], pulp mill, which began production in 1939.<ref>{{cite book |last1=Erickson |first1=Russell |title=The Story of Rayonier Incorporated |date=1 January 1963 |publisher=Newcomen Press}}</ref>
In 1944, the company moved its offices to [[New York City]]. As World War II ended, Rayonier began making large land purchases in the Pacific Northwest. The Rayonier Foundation was created in 1952 to provide assistance to charitable, civic and education organizations in the communities where Rayonier did business.{{Citation needed|date=July 2017}}
Rayonier opened international sales offices in Europe and Asia during 1954. That same year, another pulp mill in the southeast was constructed at [[Jesup, Georgia]]. High demand prompted the facility to double its capacity by 1957.{{Citation needed|date=July 2017}}
[[ITT Corporation|ITT]] purchased the company in 1968 and the name changed to ITT Rayonier.<ref>{{Cite news |last=Cole |first=Robert J. |date=1981-09-15 |title=I.T.T. HOLDS RAYONIE SALES TALKS |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/09/15/business/itt-holds-rayonie-sales-talks.html |access-date=2023-09-24 |issn=0362-4331}}</ref>
The Jesup mill grew larger in 1974, becoming the largest pulp mill on earth.<ref>{{Cite news |last=Metha |first=Guatama |date= |title=Georgia pulp mill accused of polluting Altamaha River. How is the state responding? |work=Macon.com |url=https://www.macon.com/news/article267105876.html}}</ref>
Company headquarters were moved again in 1978; this time to [[Stamford, Connecticut]].
Diplomatic relations with [[China]] were restored in 1979. The following year, Rayonier received orders for pulp and logs. It took almost five years to receive permission to open an office in [[Beijing]] in 1985.{{Citation needed|date=June 2020}}
A log-trading office was opened in New Zealand during 1988. The New Zealand government sold Rayonier {{convert|250000|acre|km2}} of timberland in 1992.{{Citation needed|date=June 2020}}
The company was spun off from ITT in 1994 with the company name reverting to Rayonier and shares again traded on the New York Stock Exchange.
Rayonier purchased {{convert|969000|acre|km2}} of timberland in Florida, Georgia and Alabama in 1999, then relocated the corporate offices to [[Jacksonville, Florida]], to be closer to company employees and properties.<ref name=TREND>{{cite web|url=http://www.floridatrend.com/print_article.asp?aID=49568|title=Fla. Companies With Promise|website=FloridaTrend.com|access-date=July 9, 2017}}</ref>
Rayonier converted to a [[real estate investment trust]] (REIT) on January 1, 2004.<ref>{{cite web|url=http://www.rayonier.com/History.aspx|title=Rayonier, Inc. History|website=Rayonier.com|access-date=July 9, 2017}}</ref>
TerraPointe LLC was established in 2005 to manage properties with development potential.<ref>{{Cite book |last=Gordon |first=Mark |url=https://books.google.com/books?id=o5IThLJzX2UC&dq=terrapointe+llc+2005&pg=PA222 |title=The Complete Guide to Investing in REITs, Real Estate Investment Trusts: How to Earn High Rates of Return Safely |date=2008 |publisher=Atlantic Publishing Company |isbn=978-1-60138-256-6 |pages=222 |language=en}}</ref>
The 2006 purchase of {{convert|228000|acre|km2}} in six states brought the company's total of land owned, leased or managed to {{convert|2600000|acre|km2}} in the U.S. and New Zealand.
In March 2008, the company purchased {{convert|56300|acre|km2}} for $215 million in southwest Washington state from Sierra Pacific <ref>{{cite news|url=https://www.reuters.com/article/rayonier-land-idUSWNAS458720080312|title=Rayonier to buy timberlands for $215 mln|date=March 12, 2008|access-date=July 9, 2017|newspaper=Reuters}}</ref>
In March 2013, the company sold its wood products division, including its mills in Baxley, Swainsboro, and Eatonton, [[Georgia (U.S. state)|Georgia]], to [[British Columbia]]-based [[International Forest Products]] (Interfor) for $80 million.<ref name="Sale to Interfor">{{cite web|title=Interfor buys three Georgia sawmills from Rayonier for $80 million|url=http://www.canadianbusiness.com/business-news/interfor-buys-three-georgia-sawmills-from-rayonier-for-80-million/|publisher=Canadian Business|access-date=March 6, 2013}}</ref>
In April 2013, the company increased its shareholding in the joint venture ''Matariki Forestry Group in New Zealand from 26% to 65% for $140 million.<ref name="AR 2013" />
In May 2014, Rayonier named David L. Nunes as post-separation president and CEO for Rayonier.<ref>{{cite web|url=http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-newsArticle&ID=1929740|title=Rayonier - Investor Relations - Press Release|website=phx.Corporate-IR.net|access-date=July 9, 2017}}</ref>
A [[class action]] against members of the former management team by certain shareholders was launched for the period from October 26, 2010, to November 7, 2014, claiming over-harvesting while communicating publicly harvesting below a sustainable rate.<ref>{{cite web |url=https://rayoniersecuritiessettlement.com/Content/Documents/Complaint.pdf|title=IN RE RAYONIER INC. SECURITIES LITIGATION |publisher=SAXENA WHITE P.A.|date=September 25, 2015 |access-date=July 5, 2017}}</ref>
On October 5, 2017, the court entered orders approving the settlement and a plan of distribution terminating these class actions.
In June 2014, Rayonier spun off its performance fibers business into an independent, publicly traded company, [[Rayonier Advanced Materials]] Inc. (NYSE: RYAM).<ref>{{cite web |url=http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-presentations|title=Separation of Performance Fibers |publisher=Rayonier|date=January 27, 2014 |format=PDF|access-date=April 23, 2014}}</ref><ref>{{cite web |url=http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-newsArticle&ID=1929740&highlight=|title=Rayonier Names David Nunes Post-Separation CEO for Rayonier |publisher=Rayonier|date=May 12, 2014 |format=PDF|access-date=May 21, 2014}}</ref> Shareholders of Rayonier received one share of the new Rayonier Advanced Materials company for every three shares of Rayonier on June 27, 2014.<ref name="Spin-off"/><ref>{{cite web|url=http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=RssLanding&cat=news&id=1934709|title=Rayonier - Investor Relations - RSS Content|website=phx.Corporate-IR.net|access-date=July 9, 2017}}</ref>
In August 2015, Rayonier announced its ownership in the New Zealand joint venture will increase from 65% to approximately 77%, as part of an anticipated recapitalization of the JV.<ref>{{cite web|url=http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-newsArticle&ID=2076192|title=Rayonier - Investor Relations - Press Release|website=phx.Corporate-IR.net|access-date=July 9, 2017}}</ref>
In May 2016, Rayonier announced upgrades to it Pacific Northwest timberland portfolio through the acquisition of 61,000 acres of timberlands in western Oregon for $263 million, and a disposition of 55,000 acres comprising predominantly pre-merchantable timber in Washington state for $130 million.<ref name="RayMarch2016">{{cite web | url=https://ir.rayonier.com/static-files/38bed8eb-4275-45dc-b787-aa1e62c022c3 | title=Rayonier Upgrades Pacific Northwest Timberland Portfolio Through Acquisition of 61,000 acres and Disposition of 55,000 acres | publisher=Rayonier | date=May 2, 2016 | access-date=November 10, 2018}}</ref>
In August 2017, Rayonier consolidated its corporate headquarters, real estate, and forest resources offices into a newly constructed, state-of-the-art building in Wildlight, Florida.<ref>{{Cite web |date=2017-11-06 |title=Rayonier officially moves headquarters to Nassau County |url=https://www.jaxdailyrecord.com/news/2017/nov/06/rayonier-officially-moves-headquarters-to-nassau-county/ |access-date=2023-09-24 |website=Jax Daily Record |language=en}}</ref> The company is currently constructing a 23,600 acre development in Wildlight.<ref>{{Cite web |last=Scanlan |first=Dan |title=Nassau's county attorney resigns after State Attorney's Office findings that he 'committed criminal acts' |url=https://www.jacksonville.com/story/news/courts/2022/03/15/nassaus-county-attorney-resigns-after-rayonier-investigation-in-florida/7002968001/ |access-date=2023-09-24 |website=The Florida Times-Union |language=en-US}}</ref> It began work on phase two of the project in 2022, developing 15,000 acres of land.<ref>{{Cite web |last=Godwin |first=Brent |title=Rayonier beginning work on 15,000 acres for second phase of Wildlight |url=https://www.bizjournals.com/jacksonville/news/2022/01/25/rayonier-beginning-work-on-15-000-acres-for-second.html |access-date=2023-09-24 |website=www.bizjournals.com}}</ref>
In May 2020, Rayonier acquired ''Pope Resources'' in the Pacific Northwest.<ref name="10K 2022" />
==Business segments==
* Timber (77% of total sales for 2022)
* U.S. real estate (15% of total sales for 2022)
* Trading (8% of total sales for 2022).<ref name="10K 2022" />
==References==
{{Reflist}}
==External links==
* {{Official website|http://www.rayonier.com/}}
{{ITT Corporation}}
{{S&P 400 companies}}
{{Authority control}}
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Real estate investment trusts of the United States]]
[[Category:Forest products companies of the United States]]
[[Category:Real estate companies of the United States]]
[[Category:ITT Inc.]]
[[Category:Publicly traded companies based in Jacksonville, Florida]]
[[Category:Multinational companies based in Jacksonville]]
[[Category:1926 establishments in Washington (state)]]
[[Category:Companies in the S&P 400]]