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Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  11/15/2006
 
RAYONIER INC.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  1-6780
 
North Carolina
  
13-2607329
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
50 North Laura Street
Jacksonville, Florida
32202
(Address of principal executive offices, including zip code)
 
904-357-9100
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Information to be included in the report

 
Item 8.01.    Other Events
 
On November 15, 2006, Rayonier Inc. announced that it completed the previously disclosed purchase of approximately 174,000 acres of timberland, timber deeds and leases in six states from funds managed by GMO Renewable Resources, LLC. A copy of the press release announcing the purchase is attached as Exhibit 99.1 and is incorporated by reference herein.
 

 

Signature(s)
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
      
 
RAYONIER INC.
 
 
Date: November 15, 2006
     
By:
 
/s/    Hans E. Vanden Noort
               
Hans E. Vanden Noort
               
Senior Vice President and Chief Accounting Officer
 
 

 

Exhibit Index
 
Exhibit No.
  
Description
EX-99.1
  
Press release entitled "Rayonier Completes Timberland Purchase", dated November 15, 2006.
Rayonier Reports Second Quarter 2001 Earnings

Exhibit 99.1

For further information

Media Contact: Jay Fredericksen

904-357-9106

Investor Contact: Parag Bhansali

904-357-9155

 

Rayonier Completes Timberland Purchase

JACKSONVILLE, Florida, November 15, 2006 -- Rayonier (NYSE:RYN) said today it has completed the previously announced purchase of timberland in six states from funds managed by GMO Renewable Resources, LLC. After adjustments, the transaction involved approximately 174,000 acres at a price of $151 million.

"The purchase is part of our strategy to increase both the size and geographic footprint of our REIT and enhances our product mix with the addition of several high-value hardwood species," said Lee Nutter, Chairman, President and CEO. "Also, the acquisition provides significant like-kind-exchange tax benefits, offering us further opportunity to efficiently develop our high-value real estate business."

The timber is located in New York, Texas, Oklahoma, Arkansas, Alabama and Louisiana. With the acquisition, Rayonier becomes the 5th largest private timberland owner in the U.S. with approximately 2.2 million acres.

GMO Renewable Resources, LLC, is an affiliate of Grantham, Mayo, Van Otterloo & Co., LLC, a global investment management firm.

About Rayonier

Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate and Performance Fibers. It owns, leases or manages 2.7 million acres of timber and land in the U.S., New Zealand and Australia. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the fast-growing Interstate 95 corridor between Savannah, Georgia, and Daytona Beach, Florida. Its Performance Fibers business is the world's leading producer of high-value specialty cellulose. Approximately 40 percent of the company's sales are outside the U.S. to customers in more than 50 countries. For further information, visit the company's website at www.rayonier.com.