  We present a combined Suzaku and Swift BAT broad-band E=0.6-200keV spectral
analysis of three 3C 111 observations obtained in 2010. The data are well
described with an absorbed power-law continuum and a weak (R~0.2) cold
reflection component from distant material. We constrain the continuum cutoff
at E_c~150-200keV, which is in accordance with X-ray Comptonization corona
models and supports claims that the jet emission is only dominant at much
higher energies. Fe XXVI Ly\alpha emission and absorption lines are also
present in the first and second observations, respectively. The modelling and
interpretation of the emission line is complex and we explore three
possibilities. If originating from ionized disc reflection, this should be
emitted at r_in> 50r_g or, in the lamp-post configuration, the illuminating
source should be at a height of h> 30r_g over the black hole. Alternatively,
the line could be modeled with a hot collisionally ionized plasma with
temperature kT = 22.0^{+6.1}_{-3.2} keV or a photo-ionized plasma with
log\xi=4.52^{+0.10}_{-0.16} erg s^{-1} cm and column density N_H > 3x10^23
cm^{-2}. However, the first and second scenarios are less favored on
statistical and physical grounds, respectively. The blue-shifted absorption
line in the second observation can be modelled as an ultra-fast outflow (UFO)
with ionization parameter log\xi=4.47^{+0.76}_{-0.04} erg s^{-1} cm, column
density N_H=(5.3^{+1.8}_{-1.3})x 10^{22} cm^{-2} and outflow velocity v_out =
0.104+/-0.006 c. Interestingly, the parameters of the photo-ionized emission
model remarkably match those of the absorbing UFO. We suggest an outburst
scenario in which an accretion disc wind, initially lying out of the line of
sight and observed in emission, then crosses our view to the source and it is
observed in absorption as a mildly-relativistic UFO.
