Pactiv Evergreen to Sell Waynesville Factory in $110 Million Deal

Waynesville -- July 16, 2024 : In a significant industry move, Pactiv Evergreen Inc., a renowned manufacturer of food

and beverage packaging, has inked a $110 million deal to sell two of its properties to a leading global paper and pulp producer. This strategic transaction includes the sale of a prominent factory in Waynesville, North Carolina, marking a pivotal moment for the local community and the broader industry.

The $110 million agreement encompasses the sale of Pactiv Evergreen's Waynesville factory along with another property in their portfolio. This decision aligns with Pactiv Evergreen's strategic plan to streamline operations and focus on its core business segments.

"We believe this transaction will enhance our ability to concentrate on our primary business goals while ensuring these properties continue to thrive under new ownership," stated Michael King, CEO of Pactiv Evergreen.

The Waynesville factory has long been an integral part of the local economy, providing employment to hundreds of residents and contributing to the region's industrial development. The announcement of the sale has generated both anticipation and cautious optimism among the community members and local officials.

Mayor John Smith of Waynesville expressed confidence in the transition, stating, "This sale is a testament to Waynesville's economic resilience and potential for growth. We are optimistic that the new owners will continue to invest in our community and support our workforce."

The unnamed global paper and pulp producer acquiring the properties is expected to bring substantial expertise and resources to the Waynesville facility. Industry experts predict that this acquisition could lead to technological upgrades, expanded production capabilities, and potentially new product lines, enhancing the factory's operational efficiency and market reach.

Ensuring job security and a smooth transition for the current workforce is a top priority for both Pactiv Evergreen and the new owners. "Our employees are at the heart of our operations, and we are committed to facilitating a seamless transition. We are working closely with the new owners to maintain employment levels and provide necessary support," commented Lisa Brown, spokesperson for Pactiv Evergreen.

The sale of Pactiv Evergreen's properties, including the Waynesville factory, represents a strategic realignment for the company and a significant development for the local economy. As the global paper and pulp producer takes ownership, the community of Waynesville is poised for new opportunities and potential growth.

WNCTimes