OTHER NEWS - Dec. 9, 1993
From Times Staff and Wire Reports
ITT to Spin Off Timber Unit: ITT Corp. said it plans to spin off its $1-billion Rayonier forest products division to its shareholders, and the news gave ITT stock a boost. The New York-based conglomerate, which owns hotels, insurance and electronics companies as well as an auto parts supplier, said it will distribute a share of Rayonier common stock for every four shares of ITT common stock held. ITT said it expects the record date will be in mid-February, 1994, and the distribution should be completed before March 1. ITT’s stock jumped $2.375 to $91.125 on the New York Stock Exchange. Rayonier was founded in 1926 and operated independently until it became a subsidiary of ITT in 1968.
