While the companies are describing the deal as a merger of equals, Rayonier Inc. is paying $3.25 billion to shareholders of PotlatchDeltic Corp. after completing the deal Jan. 30.
Under the final terms outlined in a Feb. 2 Securities and Exchange Commission filing, Rayonier is issuing 1.8185 of its shares for each share of PotlatchDeltic, a total value of about $3.2 billion based on Rayonier’s closing stock price Jan. 30.
PotlatchDeltic stockholders are also getting 61 cents a share in cash related to a special dividend paid to Rayonier stockholders after the merger agreement was reached in October, a total of about $47 million.
Rayonier’s pre-merger shareholders own 54% of the combined company.
Rayonier, based in Wildlight in Nassau County, and Spokane, Washington-based PotlatchDeltic agreed to merge Oct. 13 to create a company with more than 4 million acres of U.S. timberland, seven paper mills and commercial real estate developments.
The company, which will be headquartered in Atlanta, continues to operate under the Rayonier name after completion of the merger but the companies said a new name will be announced later in the first quarter.
The companies have said they will maintain significant regional offices in both Wildlight and Spokane, but have not given details.
Rayonier’s stock price has dropped from $25.44 before the merger agreement in October to $22.74 at the close Jan. 30, lowering the value of the deal.
When the merger was announced, the companies said the terms valued the deal at $44.11 per PotlatchDeltic share, an 8.25% premium to that company’s closing price before the agreement.
With the drop in Rayonier’s price, the deal was valued at $41.96 per PotlatchDeltic share when the merger was completed.
The companies in October said the market capitalization of the combined company would be $7.1 billion, but at completion the market cap was $6.87 billion.
Rayonier CEO Mark McHugh is chief executive of the merged company and PotlatchDeltic CEO Eric Cremers is executive chairman of the board.
The companies named four other former Rayonier and three former PotlatchDeltic officials as executive officers of the merged company.
The board of directors of the merged company consists of five directors each from the two companies.
In a Jan. 30 media release, McHugh said that “combining these two exceptional land resources companies will generate meaningful value creation for our shareholders and other stakeholders.”
According to proxy statements filed for shareholders to vote on the merger, the two companies combined would have produced revenue of $1.22 billion and earnings of $80.7 million in the first nine months of 2025.
Landstar System Inc. reported lower revenue and earnings in the fourth quarter, with CEO Frank Lonegro saying the freight recession affecting the trucking industry has lasted longer than expected.
“The challenging demand conditions experienced in the truckload freight environment over the past three years continued during the 2025 fourth quarter. Volatile federal trade policy and lingering inflation concerns continue to generate supply chain uncertainty,” Lonegro said in a Jan. 28 conference call with analysts.
“The impact of accumulated inflation remains a drag on the amount of truckload freight generated in relation to consumer spending while the industrial economy remains soft,” he said.
The Jacksonville-based trucking company had said the previous week that earnings would be 70 cents per share, down from $1.31 the previous year, with elevated insurance and claim costs reducing earnings by 49 cents.
“Excluding the discrete insurance items, operating results still missed our mark,” Stifel analyst J. Bruce Chan said in a research note after the earnings report.
With the overall uncertainty in the market, Lonegro said the company was not issuing a forecast for first-quarter results.
“While management did not provide formal quantitative guidance, it offered a cautiously optimistic ‘nowcast’ for 1Q26, noting that January truckloads are down about 1% year-over-year but in line with historical month-over-month trends,” Susquehanna Financial analyst Bascome Majors said in his research note.
While the number of truckloads was down, revenue per load was about 4% higher, Majors said.
Despite the optimistic forecast, Landstar continues to have difficulty maintaining its level of business capacity owners, or BCOs. Landstar does not employ drivers but contracts with drivers who own their own trucks to haul freight, which it refers to as BCOs.
“Revenue has outperformed seasonality month-to-date on strong rev/load, but BCOs fell and need a sustained rate increase,” Wells Fargo analyst Christian Wetherbee said in his note.
“On a year-over-year basis, BCO truck count decreased approximately 4% compared to the end of the 2024 fourth quarter,” Lonegro said.
“BCO turnover continues to be influenced by a persistent relatively low rate for load environment, combined with the significant increase in the cost to maintain and operate a truck today compared to before the pandemic,” he said.
Redwire Corp.’s stock jumped Jan. 27 after the Jacksonville-based company said it was awarded a contract as part of President Donald Trump’s Golden Dome missile defense initiative.
Jacksonville-based Redwire said there is no guaranteed revenue from its contract for the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense initiative, a program which has a ceiling of $151 billion.
The company said the contract covers a broad range of work areas.
“Redwire’s proven space and defense technologies, including unmanned aerial systems, advanced sensors, maneuverable spacecraft platforms, and agent-based modeling and simulation, position us to deliver resilient, multi-domain solutions for national security missions,” CEO Peter Cannito said in a news release.
Redwire was formed in 2020 to merge a group of space technology firms, including Jacksonville-based Made in Space.
The company’s June 2025 acquisition of uncrewed aerial systems company Edge Autonomy expanded Redwire’s defense technology capabilities.
The company said Jan. 13 it is reorganizing its corporate structure to align its businesses into two segments, space and defense.
“We believe Redwire’s positioning as a space/defense infrastructure vendor can enable it to potentially provide multiple key offerings including space-based sensors, communications arrays, space power systems, digital spacecraft design, and orbital VLEO drones,” Roth Capital analyst Suji Desilva said in a research note after the announcement of the Golden Dome contract.
“While no specific awards have been committed to yet, we are encouraged by the company’s inclusion and believe its portfolio position as a key space infrastructure vendor can serve it well as this major defense program evolves.”
Redwire’s stock has bounced up and down since it went public in 2021, with disappointing revenue at times hurting the stock.
The stock rose as much as $3.59 to $14.55 Jan. 27, its highest level since early August.
Desilva raised his price target for the stock from $15 to $20 in his Jan. 28 note and maintained a “buy” rating.
Cadre Holdings Inc. said Feb. 2 it completed its previously announced acquisition of TYR Tactical, a leading manufacturer of tactical gear and equipment for military, law enforcement, and government agencies.
Jacksonville-based Cadre, which has been projecting 2025 sales of $624 million to $630 million, said TYR produced 2024 revenue of $92.6 million.
The company said it expects the addition of TYR will be immediately accretive to earnings as the deal expands its line of products for law enforcement and other first responders.
Separately, Cadre could be losing some sales of its products to government agencies, according to a story Forbes magazine posted on its website Jan. 27.
The story said a North Carolina-based company called Quantico Tactical is selling equipment made by Cadre’s Safariland subsidiary to the U.S. Immigration and Customs Enforcement (ICE) and the U.S. Customs and Border Protection agency (CBP).
Forbes said a January court filing in Minnesota cited the use by a federal agent of a pepper spray product called MK-9, which it said is sold by Safariland.
The magazine also said other companies affiliated with Cadre have been selling products to ICE and CBP. But it said negotiations in Congress to reduce the budgets for those agencies could reduce sales of Cadre products.
The final terms of the TYR deal call for Cadre to pay $120 million in cash and issue $24 million of its stock to buy the company. The owners of TYR could receive additional payments based on achieving revenue targets through 2028.
In a news release, Cadre CEO Warren Kanders said the company continues to seek expansion opportunities through acquisitions.
“Looking ahead, Cadre maintains robust M&A pipelines in both the public safety and nuclear markets, and we remain committed to expanding our portfolio, while continuing to enhance the Company’s market leadership across categories,” he said.
Fidelity National Information Services Inc., or FIS, said Jan. 29 it is increasing its quarterly dividend from 40 cents a share to 44 cents.
This is the second straight year the Jacksonville-based financial technology company increased the dividend after cutting it in 2024 amid disappointing financial results.
FIS reduced the quarterly dividend from 52 cents a share in 2023 to 36 cents in 2024, before increasing it to 40 cents last year.