BREAKING: Tembec acquired by Florida company

JACKSONVILLE, Fla. & MONTREAL ― Rayonier Advanced Materials Inc. has entered into an agreement with Tembec Inc. to acquire the Montreal-based forest and cellulose products company. The purchase price is about US$807 million, including the assumption of US$487 million of debt. For Tembec shareholders, the purchase price per share represents a 37% premium to its closing price on May 24, 2017. The company expects to retain Canadian headquarters in Montreal, and a presence in Ontario, and continue all Tembec operations. The company will also proceed with Tembec’s recently announced four-year investment plan for its Quebec facilities. Rayonier is a global supplier of cellulose products.