Pactiv Evergreen has completed the sale of its former paper mill in Canton. The mill is finally sold to Spirtas Worldwide, after a months-long legal battle over the site, in the wake of Hurricane Helene.
Jan 12, 2024
Pactiv Evergreen has completed the sale of its former paper mill in Canton, North Carolina, US to Spirtas Worldwide. The two companies have been engaged in a months-long legal battle over the site in the wake of Hurricane Helene.
“Pactiv Evergreen is pleased to announce the successful completion of the sale of the Canton site to Spirtas Worldwide,” a Pactiv Evergreen spokesperson said in a statement.
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Eric J. Spirtas, President and Owner of Spirtas Worldwide, said that their vision is to breathe new life into this dormant site, transforming it into a hub of industrial, commercial, and residential activity that will benefit the town of Canton and strengthen commerce in the area, as per a media reports.
The redevelopment initiative aims to repurpose the 185-acre site to accommodate a mix of industrial, commercial, and residential projects.
The sale was slated to go through four months ago, but was delayed when Helene hit and became the subject of legal wrangling between Pactiv and Spirtas.
Spirtas has been diligently working over the past seven months to formalize and complete this complex transaction. Throughout this period, Spirtas has actively engaged with local town officials, community members, county representatives, and state and regional stakeholders to gain a comprehensive understanding of the site’s significance and potential.
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Meanwhile, a critical aspect of the redevelopment is the operation and maintenance of the site’s wastewater treatment plant, which has historically treated Canton’s municipal wastewater. Two Banks Development is working to ensure the continued operation of this facility based on community needs and site development opportunities.
