Borregaard and Rayonier Advanced Materials enter into definitive agreement to establish new lignin operation at Fernandina beach site in Florida

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Borregaard and Rayonier Advanced Materials enter into definitive agreement to establish new lignin operation at Fernandina beach site in Florida

December 16, 2015 - 22:11

SARPSBORG, Norway, Dec. 17, 2015 (Globe Newswire) -Reference is made to the stock exchange notice dated 15 June 2015. The definitive agreement regarding the establishment of a new lignin operation at the Fernandina Beach site in Florida has now been completed and signed by both parties, Rayonier Advanced Materials (RYAM) and Borregaard.

A final decision by the boards of both companies on whether to proceed with the project is anticipated in mid-2016, after completion of final engineering, securing of local and state incentives, refinement of the capital cost structure, and applicable permit approvals by applicable state and local agencies.  The new company, LignoTech Florida LLC, is expected to commence operations in the first quarter of 2018, after completion of the first investment phase.