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Rayonier Advanced Materials Inc. more than doubled in size and briefly entered the Fortune 1000 in 2019 after acquiring Montreal-based Tembec Inc. in late 2017.
However, the Jacksonville-based company is getting smaller as it sheds some of the Canadian operations acquired from Tembec to focus on its core cellulose specialties products.
Rayonier AM announced a deal April 12 to sell six lumber mills and one newsprint mill in Canada to Vancouver-based GreenFirst Forest Products Inc. for $214 million.
That deal follows a 2019 sale of a pulp mill in Quebec to South Africa-based Sappi Ltd. for $175 million.
After acquiring Tembec, Rayonier AM’s revenue jumped from $961 million in 2017 to $2.13 billion in 2018, vaulting the company into 951st place on Fortune magazine’s annual list of the 1,000 largest U.S. companies.