CANTON, N.C. (WSPA) – Zeb L. Smathers, Mayor of Canton announced that the Paper Mill will blow its last whistle at noon on Wednesday.
7NEWS previously reported the announcement in March that eliminated over a thousand jobs in Haywood County.
As part of a restructuring of their beverage merchandising business, Pactiv Evergreen announced they planned to shut down the mill in Canton in the second quarter of 2023.
The company said in a news release that they will “explore strategic alternatives” for their facility in Waynesville.
Just days before the company announced the closure of its Canton paper mill North Carolina Congressman Chuck Edwards called on the Securities and Exchange Commission (SEC) to investigate the sale of stock by executives of Pactiv Evergreen.
We previously reported the company’s President and CEO, along with three other executives, sold thousands of shares of stock on March 2, four days before announcing the plant’s closure.
Each sold their stock for $11.30 a share. Since those sales were made, the company’s stock price has dropped 13%. All told, the executives netted around $86,000 more than if they had sold the stock following the plant closure announcement.
Rep. Edwards called for federal regulators to investigate “potential insider trading” by the executives.
