Rayonier Advanced Materials Inc.'s (NYSE:RYAM) main business is manufacturing high-purity cellulose, a natural polymer derived from wood pulp, used by its customers to make cigarette filters, cell phones, flat-panel televisions, tires, rayon fabrics, paint and pharmaceuticals, among other things. It was spun out of Rayonier (RYN) in mid-2014 which became a pure-play forest REIT. The spin-off was pitched to investors that the cellulose speciality that the company made was difficult to make, it was a long time leader in a recession-resistant business with an entrenched position and this expertise in cellulose