Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

ITT Rayonier Incorporated - Lehman Brothers Collection

ITT Rayonier Incorporated

List of Deals

ITT Rayonier was incorporated in 1926 as the Rainier Pulp and Paper Company in Shelton, Washington. The company's founders, including Edward M. Mills, were the first to recognize an opportunity to use the West Coast's plentiful western hemlock tree species for the production of a superior grade of bleached paper pulp. The company's first mill in Shelton, Washington, went into production the following year.

In 1931 Rainier teamed up with Du Pont, the leading producer of rayon, and perfected the world's first pulp made from hemlock designed specifically for the rayon industry. In 1937 the company merged with two other mills in Washington and was incorporated as Rayonier. The company began trading on the New York Stock Exchange that same year. Rayonier was already the largest single manufacturer of dissolving pulps in the world at that time. The company purchased timberlands in the southeastern United States the following year, and in 1939 it completed the first southeastern pulp mill in Florida to utilize the region's extensive resources.

By 1945 Rayonier had begun making major timberland purchases in the West. The company founded the Rayonier Foundation in 1952 to provide charitable contributions to civic, educational, and charitable causes in local communities. In 1954 a second Southwest pulp mill opened in Jesup, Georgia. That same year, the company opened offices in Europe and Asia. In 1968 Rayonier became ITT Rayonier, a wholly owned subsidiary of ITT Corporation, a major international conglomerate. By 1971 further expansion of the Jesup mill made it the largest facility of its kind in the world.

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