RYAM is like the "Intel Inside" for cellulose, providing the specialized wood-based ingredients that go into everything from advanced textiles to food thickeners.

Imagine **International Flavors & Fragrances (IFF)**, but instead of flavors and scents, RYAM specializes in high-purity cellulose materials derived from wood, used in industrial applications, textiles, and food.

Think of RYAM as a highly specialized division of **BASF**, dedicated to creating advanced, high-purity cellulose products from wood for industrial and consumer applications.

• Cellulose Specialties (Dissolving Pulp): Highly purified cellulose material used in products ranging from filters and LCDs to pharmaceuticals and food thickeners.
• High-Yield Pulps: Cellulose pulp used primarily in the production of various paper, tissue, and packaging products.
• Lignin Products: Naturally occurring polymers extracted during the wood pulping process, used as binders, dispersants, and in other specialty chemical applications.

• Chemical and Specialty Product Manufacturers: These companies utilize RYAM's high-purity cellulose to produce derivatives such as cellulose ethers (used in construction materials, pharmaceuticals, food, and personal care products) and nitrocellulose (for coatings, inks, and other industrial applications).
• Absorbent Hygiene Product Manufacturers: This category encompasses global and regional manufacturers of consumer absorbent products like baby diapers, feminine hygiene products, and adult incontinence products, which are significant consumers of RYAM's fluff pulp.
• Textile, Apparel, and Industrial Material Producers: Customers in this segment include companies manufacturing rayon and acetate fibers for textiles, apparel, nonwovens, and cigarette filters, as well as those using cellulose specialties in various industrial applications such as filters, packaging, and composites.

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De Lyle W. Bloomquist, President and Chief Executive Officer

Mr. Bloomquist was appointed President and Chief Executive Officer of Rayonier Advanced Materials in May 2022. He also serves as a partner for Windrunner Management Advisors LLC.

Marcus J. Moeltner, Chief Financial Officer and Senior Vice President, Finance

Mr. Moeltner became Chief Financial Officer and Senior Vice President, Finance, in July 2019, following a 30-year career in the forest products and consumer products industry. He initially joined Rayonier Advanced Materials in November 2017 as Vice President, Corporate Development and Planning, coinciding with the company's acquisition of Tembec. Prior to his time at RYAM, Mr. Moeltner held various Vice President roles at Tembec, including VP of Business Development and VP of Corporate Development, and served as VP of Finance at Grant Forest Products. He also worked at Kimberly-Clark from 1993 to 2000, holding positions such as Team Leader Business Analysis, Business Analyst, and Financial Manager. His experience includes financial analysis, strategic planning, evaluating acquisitions, divestitures, and strategic transactions, and implementing working capital reduction programs.

Joshua C. Hicks, Senior Vice President, High Purity Cellulose Business

Mr. Hicks assumed the role of Senior Vice President, High Purity Cellulose, in December 2021. He brings nearly 20 years of business leadership experience within the chemical and related industries.

James L. Posze, Chief Administrative Officer and Senior Vice President, Human Resources

Mr. Posze joined Rayonier in October 2010 as Vice President of Human Resources and was named Senior Vice President of Human Resources in March 2013. Following the company's separation, he was appointed Chief Administrative Officer and Senior Vice President of Human Resources for RYAM.

Richard Colby Slaughter, Vice President, General Counsel and Corporate Secretary

Mr. Slaughter serves as the Vice President, General Counsel, and Corporate Secretary for Rayonier Advanced Materials.

The key risks to Rayonier Advanced Materials (RYAM) include significant import tariffs, a high debt burden coupled with challenging financial performance, and sensitivity to market demand and cyclicality.

1. Tariffs and Trade Barriers: Rayonier Advanced Materials faces a substantial risk from international trade barriers, notably China's 125% import tariff on U.S. cellulose commodities, which impacts approximately $85 million of its annual revenue. This tariff has led to reduced demand and delayed orders from affected customers, forcing the company to pursue market diversification to tariff-free regions like India, Africa, and the Middle East. There is also an ongoing risk that these tariffs could widen to include specialty cellulose products.
2. High Debt Burden and Challenging Financial Performance: RYAM carries a significant net secured debt load of $624 million, which raises concerns about its ability to generate sufficient earnings to meet these liabilities. The company has experienced challenges in net profitability, reporting negative net margins and revising down its EBITDA guidance. For instance, Q1 2025 saw a net loss of $31.95 million and a revenue drop of 8.2%. Some analyses even suggest a high risk of the company entering Chapter 11 due to unsustainable debt levels.
3. Market Demand and Cyclicality: The company's financial performance is highly susceptible to economic cycles and consumer spending patterns, particularly in its High Yield Pulp and Paperboard segments. While specialization in high-purity cellulose is a strength, it also presents a vulnerability if there are shifts in market demand or if new technologies disrupt the industry. Persistent demand uncertainty remains a significant risk to RYAM's financial performance.

The accelerated development and commercialization of textile-to-textile recycling technologies, particularly chemical recycling methods that produce new regenerated cellulosic fibers from textile waste, pose a clear emerging threat. As these technologies scale up and become more economically viable, they offer a circular alternative to virgin dissolving wood pulp, which is a key input for Rayonier Advanced Materials' textile-grade cellulose specialties (e.g., viscose and lyocell). This shift towards circularity in the textile industry could significantly reduce the long-term demand for virgin fibers, thereby eroding a substantial portion of RYAM's core market.

For Rayonier Advanced Materials (symbol: RYAM), the addressable markets for its main products are as follows:

High Purity Cellulose / Cellulose Specialties / Dissolving Wood Pulp

• The global Dissolving Wood Pulp (DWP) market was valued at USD 9,422.76 million in 2024 and is projected to increase to USD 10,823.78 million by 2031, growing at a Compound Annual Growth Rate (CAGR) of 2.0%. Another estimate valued the global Dissolving Pulp Market size at USD 5925.47 million in 2024, with an expected growth to USD 7867.54 million by 2033 at a CAGR of 3.2% from 2025 to 2033.
• Global production volume for dissolving grade wood pulp stood at approximately 10.0 million metric tons in 2024.
• The global Specialty Cellulose Market was valued at USD 10.65 Billion in 2024 and is anticipated to reach USD 15 Billion by 2035, exhibiting a CAGR of 3.2% during the forecast period from 2025 to 2035. Asia-Pacific is estimated to be the world's largest volume market for Specialty Cellulose, holding an estimated share of 44% in 2024.

Broader Cellulose Market

• The global cellulose market size was valued at USD 54.87 Billion in 2025 and is expected to exceed USD 106.93 Billion by 2035, registering a CAGR of over 6.9% between 2026 and 2035. The Asia Pacific region is expected to hold over 36% of the market share by 2035.
• The U.S. cellulose market is projected to grow significantly, reaching an estimated value of USD 88.01 billion by 2032.

Cellulose Fiber Market

• The global cellulose fiber market size was estimated at USD 40,217.1 million in 2023 and is projected to reach USD 62,923.6 million by 2030, with a CAGR of 6.1% from 2024 to 2030. Asia Pacific was the largest market in 2023.

Other Products

Market sizes for specific products such as Cellulose Commodities (including commodity viscose and absorbent materials like fluff pulp), Biomaterials (including biofuels, bioelectricity, and lignin-based biomaterials), Paperboard, and High-Yield Pulp are not available as distinct addressable markets in the provided search results.

1. Strategic Price Increases in Cellulose Specialties: RYAM anticipates implementing significant price resets for its Cellulose Specialties products in 2026, aiming to recover value lost to inflation in prior years. The company increased prices for these products by up to 10% in September 2024 due to market dynamics and cost inflation. Management has consistently emphasized a "value over volume" strategy in its core Cellulose Specialties markets, which has already contributed to a 7% increase in average sales prices in Q3 2025. Analysts also highlight expanding specialty cellulose margins driven by mix shifts, pricing power, and operational discipline.
2. Expansion and Commercialization of Biomaterials Projects: The company is actively investing in and advancing several high-return biomaterial projects, including bioethanol facilities, crude tall oil (CTO) projects, and a potential prebiotics facility. The bioethanol facility in Tartas has been operational since early 2024, and a lignosulfonate powder plant restarted in 2025. Engineering for a potential bioethanol plant in Fernandina Beach, Florida, and CTO projects in Jesup, Georgia, and Tartas, France, are underway, with the company having purchased CTO plant equipment for Jesup earlier this year. Additionally, RYAM has signed memoranda of understanding for sustainable aviation fuel (SAF) opportunities with Verso Energy and for an ethanol-to-jet pilot plant with GranBio, which could unlock new growth streams. These biomaterial projects are expected to contribute significantly to future EBITDA, with a target of $8-10 million EBITDA from bioethanol and lignosulfonate projects in 2025 alone.
3. Market Share Gains in Cellulose Specialties due to Competitor Exits: The closure of a competitor's cellulose products mill is seen as a significant inflection point for the industry, addressing approximately 50% of the excess capacity in the cellulose specialties business. This reduction in industry capacity is expected to improve pricing and production mix for RYAM, positioning the company to capture a good share of the exiting competitor's business, particularly as some of those customers are already RYAM clients. This dynamic, coupled with industry consolidation and favorable trade policies, is anticipated to support higher capacity utilization rates and stronger pricing power for North American producers like RYAM, positively impacting both revenue and margins.

Capital Allocation Decisions (2021-2025)

Share Repurchases

• Rayonier Advanced Materials (RYAM) repurchased common stock during the first three quarters of 2025, primarily to satisfy tax withholding requirements related to the issuance of stock under company incentive stock plans.
• In 2023, the company used a portion of its $87 million in financing activities for the repurchase of common stock to satisfy tax withholding requirements related to incentive stock plans.

Share Issuance

• In the fourth quarter of 2024, RYAM secured €67 million in green capital, which included €30 million in preferred equity provided by Swen Capital Partners for a 20% stake in RYAM BioNova S.A.S., a newly formed subsidiary focused on biomaterials.

Inbound Investments

• In the fourth quarter of 2024, SWEN Impact Fund for Transition 3, managed by Swen Capital Partners, made a €30 million preferred equity investment in RYAM BioNova S.A.S., valuing the new entity at over $160 million.

Capital Expenditures

• In 2024, RYAM's net capital expenditures were $108 million, with $33 million allocated to strategic spending, primarily for the 2G bioethanol plant in France and ERP implementation.
• For 2023, net capital expenditures totaled $128 million, including $45 million in strategic capital focused on the 2G bioethanol plant in Tartas, ERP transformation, and cost efficiency initiatives.
• Expected capital expenditures for 2025 are approximately $138 million, with maintenance capital projected at $85 million and strategic capital investments of about $15 million aimed at production efficiencies and advancing the biomaterials strategy.