Latest news with #MarkMcHugh
Business Wire
2 days ago
- Business
- Business Wire
Rayonier Completes Sale of New Zealand Business to The Rohatyn Group
WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. ('Rayonier') (NYSE:RYN) today announced the completion of the previously announced sale of entities holding its 77% interest in the New Zealand joint venture to a special purpose vehicle owned by an investment fund managed by The Rohatyn Group ('TRG'), a global asset manager specializing in emerging markets and real assets, for a purchase price of $710 million. Net proceeds to Rayonier, after adjusting for estimated net debt, working capital, transaction costs, and other closing adjustments, are expected to be $699 million. Rayonier continues to anticipate using at least 50% of the proceeds to reduce leverage and/or return capital to shareholders through special dividends and share repurchases. Remaining proceeds are expected to be deployed opportunistically to fund other capital allocation priorities, including additional share buybacks and/or potential reinvestment into synergistic acquisitions. Rayonier continues to expect a special dividend for 2025 of $1.00 to $1.40 per share, which will be paid in a combination of cash and shares (details to be announced later this year). During the second quarter, Rayonier repurchased ~1.5 million shares for ~$35 million in total. As of June 30, 2025, the company had ~$262 million remaining under its current share repurchase authorization. Rayonier had previously reclassified its New Zealand business to discontinued operations on its consolidated financial statements, and the updated financial outlook provided in conjunction with the company's first quarter results on April 30 excluded contributions from the New Zealand business. 'We have now completed roughly $1.45 billion of dispositions since introducing our asset disposition and capital structure realignment plan in November 2023—significantly exceeding the original $1 billion target,' said Mark McHugh, President and Chief Executive Officer of Rayonier. 'The success of this plan has allowed us to achieve our new leverage target in a manner that has been accretive to both CAD* and NAV per share, as well as better position Rayonier to create long-term value for our shareholders going forward.' 'We want to extend our gratitude to the team in New Zealand, which has done an outstanding job in managing these highly productive assets, and we are pleased to transfer the stewardship of this business to TRG, a well-regarded manager of forestry assets in the region,' added McHugh. About Rayonier Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States. As of March 31, 2025, Rayonier owned or leased under long-term agreements approximately 2.5 million acres of timberlands located in the U.S. South (1.75 million acres), U.S. Pacific Northwest (308,000 acres) and New Zealand (412,000 acres). On June 30, 2025, the company completed the previously announced sale of the entirety of its New Zealand assets. More information is available at About TRG Founded in 2002, TRG is an investment management firm specializing in emerging markets and real assets. Headquartered in New York, the firm is comprised of ~150 professionals based in 16 countries across North and South America, Europe, the Middle East, Africa, India, Southeast Asia, and Oceania. TRG Forestry & Agriculture (formerly the business of GMO Renewable Resources) is comprised of a seasoned team of land investment professionals and is dedicated to the acquisition and management of diversified portfolios of timberland and/or farmland for the benefit of its clients. Employing a value-oriented approach, TRG seeks to invest in assets at prices reflecting biological yield potential. The team focuses on properties in lower-risk geographies where commercial forestry and agriculture are well-developed and good title, high-quality management, and adequate infrastructure are available. For more information, please visit Forward-Looking Statements – Certain statements in this press release regarding anticipated financial and other benefits of Rayonier's business strategies, including the sale of the entities holding its interest in the New Zealand joint venture, the anticipated use of proceeds, and other similar statements relating to Rayonier's future events, developments or financial or operational performance or results, are 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as 'may,' 'will,' 'should,' 'expect,' 'estimate,' 'believe,' 'intend,' 'project,' 'anticipate' and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: Rayonier's ability to realize the anticipated benefits from the sale, the cyclical and competitive nature of the industries in which Rayonier operates; fluctuations in demand for, or supply of, Rayonier's forest products and real estate offerings, including any downturn in the housing market; entry of new competitors into Rayonier's markets; changes in global economic conditions and world events, including the war in Ukraine and heightened tensions in the Middle East; business disruptions arising from public health crises and outbreaks of communicable diseases; fluctuations in demand for Rayonier's products in Asia, and especially China; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging, trucking and ocean freight services; the geographic concentration of a significant portion of Rayonier's timberland; Rayonier's ability to identify, finance and complete acquisitions; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact Rayonier's ability to conduct its business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect Rayonier's timberlands and the production, distribution and availability of its products; interest rate and currency movements; Rayonier's capacity to incur additional debt; changes in tariffs, taxes or treaties relating to the import and export of Rayonier's products or those of its customers and competitors; changes in key management and personnel; Rayonier's ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust ('REIT') and changes in tax laws that could adversely affect beneficial tax treatment; the cyclical nature of the real estate business generally; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, which also may be affected by changes in law, policy and political factors beyond Rayonier's control; unexpected delays in the entry into or closing of real estate transactions; changes in environmental laws and regulations that may restrict or adversely impact Rayonier's ability to sell or develop properties; the timing of construction and availability of public infrastructure; and the availability and cost of financing for real estate development and mortgage loans. For additional factors that could impact future results, please see Item 1A - Risk Factors in Rayonier's most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the 'SEC'). Forward-looking statements are only as of the date they are made, and Rayonier undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures Rayonier makes on related subjects in its subsequent reports filed with the SEC. *Non-GAAP Financial Measures – To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ('GAAP'), Rayonier has presented certain forward-looking non-GAAP measures, including 'cash available for distribution.' This non-GAAP financial measure is derived by excluding certain capital spending (excluding timberland acquisitions and real estate development investments) and work capital and other balance sheet changes from cash provided by operating activities. The determination of the amounts that are excluded from this non-GAAP financial measure is a matter of management judgment and depends upon a number of factors in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. Rayonier is unable to present a quantitative reconciliation of this forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measure without unreasonable effort or expense. In addition, Rayonier believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. This non-GAAP financial measure is a preliminary estimate and is subject to risks and uncertainties. Rayonier's definition of this non-GAAP measure may differ from any similarly titled measure used by others. This non-GAAP measure should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
The National
24-06-2025
- General
- The National
Fife Seafood factory workers treated 'worse than the fish'
Mowi salmon processing plant in Rosyth has been criticised by Bakers Food and Allied Workers Union (BFAWU) over a lack of suitable toilet facilities and breaks for almost 1000 staff members. According to reports from The Courier, BFAWU criticised a lack of toilets at the facility and claimed staff toilet breaks were time limited, with workers having to find cover before taking comfort breaks. READ MORE: What's in a seafood stick? Vici's guide to a tasty, healthier snack Mowi refuted the claims, calling them 'false and misleading' and saying there was 'no truth' in claims of a seven-minute toilet time rule that was flagged to the union by staff members. On Tuesday, a report into working conditions at the factory was published by the union, listing a number of concerns raised to them by workers and union representatives at the Rosyth plant. BFAWU claimed there was a 'lack of mitigation to help workers working in cold temperatures' and manual handling practices which could lead to injuries. Claims of 'inadequate' canteen facilities, poor pay and union representation were also highlighted. BFAWU Scottish organiser, Mark McHugh, said: 'Through the work we do representing workers and from talking to members, it seems to often the health and well-being physical and mental, is a secondary consideration for the management of Mowi at Rosyth. 'At times, it feels like the workers are treated worse than the fish. 'This is contrary to their right to their self-congratulatory proclamations about how much they respect human rights. 'We are concerned that basic rights are not applied at their Rosyth plant. No adult should be told when to go to the toilet, if they can go and how long they can go for. 'It is ridiculous and wrong but sadly this is the culture that this report has exposed. 'Our intervention in writing to the company during the writing of this report has resulted in some small improvements and has shown how unions make work safer and healthier, but much more needs to be done at Mowi.' READ MORE: Glasgow Subway set for disruption as strikes announced In response to the claims of sub-par working conditions, Mowi refuted the allegations made by the BFAWU in a statement given to The Courier. A spokesperson said: 'At Mowi we take ethical employment, including the safety and wellbeing of our workforce, extremely seriously. 'We undergo regular unannounced audits by independent third parties to verify this. 'As such, we do take issue with the points raised by the BFAWU which are false and misleading. 'Mowi operates standard procedures in a processing plant. With regard to toilet breaks, there is no truth at all in the allegation that these are timed or limited to seven minutes. 'We do require an allocated number of people working on a line at any given time to keep it running. This is the same for any factory running a production line.' Mowi also emphasised in their statement that all roles are 'risk-assessed by both qualified health and safety professionals and occupational health experts'. The firm said that there are 'several channels' available for staff to raise ideas or concerns including a whistleblowing channel managed by a third party. READ MORE: Scottish Labour MPs set to rebel on UK welfare reform – see the full list Other health and safety procedures highlighted by Mowi include the existence of elected safety representatives for different company departments, millions of pounds worth of investments in new safety equipment, company sick pay policies which 'go further than statutory sick pay' and a 'transparent and fair' reward structure regarding wages. 'Mowi is supportive of our colleagues' rights to join a union and to seek collective representation, should they wish', the spokesperson added. 'We continue to listen to feedback from our employees and take our lead from them. 'In the meantime, we will focus on our absolute commitment to creating and sustaining the best possible working environment for all our employees.'
The Herald Scotland
24-06-2025
- Health
- The Herald Scotland
Workers at Mowi salmon processor 'treated worse than fish'
BFAWU General Secretary Sarah Woolley said: "Every worker going to work should feel that their health, safety and well-being is sacrosanct and a central priority of their employer. But, in our time representing workers at Mowi we have found that our members at Mowi are not treated with the respect and the dignity that every worker deserves. 'This report outlines many of the issues we have concerns about, based on the work we have done with members and speaking directly with them about their observations and experiences. We truly hope that our report acts as a wake up call to management at the plant.' The report, based on testimony of workers and union officials who represent employees at Mowi, revealed a long list of complaints including 'lack of toilets, time limited toilet breaks, workers having to get toilet cover before they go, inadequate canteen facilities including a lack of seating for workers often working 12 hour shifts.' Other concerns included 'lack of mitigation to help workers working in cold working temperatures for long periods of time and manual handling practices that could be resulting in injuries from repetitive work are some of the concerns raised in the report. Strong concerns were also expressed about their sickness absence policy, deemed 'unfair because it gives discretion to managers about whether a worker gets sick pay or not if they are off sick'. In some cases staff spoke of having had sick pay withdrawn even if they are off work due to workplace accidents and injuries. READ MORE: These issues raised in the report have led the bakers' union to 'question just how seriously Mowi takes the 'human rights' of its workers'. In their 2021 annual report Mowi wrote about the importance of human rights and how it is at the core of their operations. 'Human rights are at the core of a sustainable business.' BFAWU Scottish organiser Mark McHugh said: "Through the work we do representing workers and from talking to members it seems that too often the health and well-being, physical and mental, is a secondary consideration for the management of Mowi at Rosyth. At times it feels like the 'workers are treated worse than the fish'. 'This is contrary to their self congratulatory proclamations about how much they respect human rights. We are concerned that basic rights are not applied at their Rosyth plant. No adult should be told when to go to the toilet, if they can go and how long they can go for. It is ridiculous and wrong but sadly this is the culture that this report has exposed.' (Image: Oxana Kolodina on Unsplash) 'If there was a functioning and proactive health and safety culture then many of the issues we have raised in the report would have been dealt with, the fact they haven't been demonstrates how unsatisfactory their approach is.' An intervention in writing to the company during the writing of the report has resulted in some small improvements. McHugh said: 'We have always said to Mowi that as a union we want to engage constructively with them to help make improvements to the terms and conditions of workers at Mowi in Rosyth. 'We believe this will benefit the workforce and indeed the company as a whole. We are as always ready to speak to the company and work with them to improve health and safety at Rosyth. We hope that they do so." A spokesperson for Mowi said: "At Mowi, we take ethical employment, including the safety and wellbeing of our workforce, extremely seriously. We undergo regular unannounced audits by independent third parties to verify this. As such, we do take issue with the points raised by the BFAWU which are false and misleading. "Mowi operates standard procedures in a processing plant. With regard to toilet breaks, there is no truth at all in the allegation that these are timed or limited to seven minutes. We do require an allocated number of people working on a line at any given time to keep it running. This is the same for any factory running a production line. "Our compliance and practices are under constant review, checked internally and through regular independent external third-party audits. We have robust safety management practices in place. All roles and activities are risk-assessed by both qualified Health and Safety professionals and Occupational Health experts, and all advice provided by them is implemented. In addition, employees are actively encouraged to raise ideas, suggestions or concerns. "We also have a Health and Safety Committee which meets each month and is represented by Safety Reps, adhering to the Health and Safety (Consultation with Employee) Regulations of 1996. "On a practical level, just as one of many examples, we have invested several millions of pounds into new equipment which reduces the number of repetitive tasks carried out on site - choosing to engineer out risk rather than simply reducing it by asking employees to rotate between tasks. "With regard to sickness benefit, we go further than statutory sick pay with an enhanced Company Sick Pay (CSP) policy. CSP is paid consistently, subject to the individual in question having met our sickness absence rules, which include keeping Mowi informed about the nature and expected duration of the absence. This is standard practice. "Finally, with regard to wages, making simple pay comparisons to other countries ignores complex differences in cost of living, income tax rates and state benefits. Our reward structure is transparent and fair. "Mowi is supportive of our colleagues' rights to join a union and to seek collective representation, should they wish."
Yahoo
16-06-2025
- Entertainment
- Yahoo
Gator with bungee-corded jaw rescued, relocated to Gatorland
Gatorland's latest rescue animal is a 9-foot alligator found near Gainesville with a bungee cord wrapped around his upper jaw. The reptile was captured by a trapper and delivered to the Orlando attraction, which will be his new home. His new name: Bungee. 'Someone tried to catch this alligator with a bungee cord, which became deeply imbedded in his top jaw. This was an extremely dangerous situation for Bungee and could have eventually killed him, Mark McHugh, president and CEO of Gatorland, said in a news release. Orlando's Titanic attraction adds recovered necklace to artifact lineup 'People were illegally feeding him and he came right up out of the water to take food from the trapper,' McHugh said. The animal had been seen for months at Paynes Prairie Preserve State Park. The cord was removed, and the animal received medical care before joining the other gators at Gatorland. Bungee weighs 200 pounds and is estimated to be 25 years old. SeaWorld Orlando: New emperor penguins set for Florida debut He is one of more than 100 rescue alligators at the attraction. Conservation falls under the perview of Gatorland Global, a nonprofit organization with a local and international reach. 'We are incredibly grateful to [trapper] Ron Sanderson for his months of hard work to catch Bungee and bring him to us,' McHugh said. 'That's what Gatorland Global is all about. It's passionately engaging in alligator and crocodile conservation and teaching others how important these animals are to our animal kingdom.' Gatorland Global conservation arm achieves not-for-profit status Email me at dbevil@ BlueSky: @themeparksdb. Threads account: @dbevil. X account: @themeparks. Subscribe to the Theme Park Rangers newsletter at
Yahoo
01-05-2025
- General
- Yahoo
Gatorland launches global conservation nonprofit to save Alligators and Crocodiles
ORLANDO, Fla. (BLOOM) — Gatorland, the Orlando-based wildlife park known as the 'Alligator Capital of the World,' officially launched Gatorland Global™, an international conservation nonprofit aimed at protecting alligators in Florida and crocodiles across the globe. The organization, which was originally founded in 2018, was formalized this year as a 501(c)(3) not-for-profit. Its mission is to conserve, protect and educate—by rescuing at-risk reptiles, supporting global conservation efforts, and teaching the public about the ecological importance of these ancient animals. 'As the world leader in alligator safety and education since 1949, we are extremely proud to now be leading the way in global alligator and crocodile conservation,' said Mark McHugh, Gatorland's president and CEO. 'From rescuing nuisance alligators locally to supporting endangered crocodilian species globally, this is our next step in making a lasting impact.' In Florida, the organization works with the Florida Fish and Wildlife Conservation Commission and licensed trappers to save so-called nuisance alligators—some up to 50 years old—that would otherwise be euthanized and harvested for their meat and hides. These animals are instead relocated to Gatorland's expansive lakes, where they live out their lives in safety. The park has rescued more than 100 alligators to date. One of the most well-known rescues is Jawlene, a malnourished alligator found in Sanford in 2023 with her entire upper jaw missing. Now a viral sensation, she has gained six pounds, grown three inches, and lives in a custom habitat alongside Nelly Wafer, a rare albino turtle. Internationally, Gatorland Global supports conservation projects in Cuba, Jamaica and Venezuela. These include work with Cuban crocodile preservationists at the Zapata Swamp, breeding and release programs in Jamaica's Holland Bay Sanctuary, and efforts to protect Venezuela's critically endangered Orinoco crocodile through the Back to Llanos Project. Two Orinoco hatchlings raised at Gatorland will be released in Venezuela this year. Gatorland Global's educational outreach is also expanding. In 2024, it reached 32,000 students with wildlife presentations and raised $45,000 to support conservation efforts. It also partnered with Save A Fox Rescue to save three red fox siblings from a fur farm. 'A powerful force for crocodilian conservation, Gatorland Global builds lasting relationships and shares vital knowledge that helps protect Florida wildlife and wildlife around the world,' said Savannah Boan, international ambassador for the organization. Founded in 1949, Gatorland today spans 125 acres and remains a popular family-friendly attraction featuring thousands of reptiles, educational shows, and unique adventure experiences like the Screamin' Gator Zipline and Croc Rock Three-In-One Adventure. In 2024, the park celebrated its 75th anniversary. For more information or to contribute to the conservation efforts, visit Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
