Rayonier Advanced Materials Announces Suspension of Dividend on Its Common Stock
September 9, 2019
JACKSONVILLE, Fla. (News release) -- Rayonier Advanced Materials Inc. announced that the Company's board of directors has suspended its quarterly cash dividend on the Common Stock of the Company citing the need to prioritize its cash flow to repay indebtedness and fund the Company's capital investments and working capital needs. The Company is focused on managing through the current challenging market conditions that have negatively impacted its operating results.
"The board and management believe this is a prudent decision to optimize financial flexibility in uncertain economic times and is in the best interest of all of the Company's stakeholders," said Paul Boynton, President and CEO. "This allows the Company to redeploy approximately $18 million of cash annually to essential operating needs and debt obligations."
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