The historic Pactiv Evergreen paper mill in Canton, North Carolina has finally been acquired by Two Banks Development and Spirtas Worldwide after a months-long legal battle, the company announced on Jan. 10.


What You Need To Know

  •  The historic mill in Canton, N.C. has been sold to Two Banks Development to be transformed into industrial, commerical and residential projects.

  •  The closure of the paper mill left more than 1,000 employees without work

  •  Two Banks Development said it is dedicated to fostering economic growth and maintaining a deep connection with the residents of Canton

The company said the historic 185-acre site will be transformed “to accommodate a mix of industrial, commercial, and residential projects.”

The company plans to use this land to develop retail and office spaces for the community, create jobs to stimulate the economy and build housing units to serve current and future residents.

The site holds a wastewater treatment plant, which has historically served to treat Canton’s wastewater. The company said it is working to ensure these operations continue based on community needs.

The previous mill owner, Pactiv Evergreen, filed a lawsuit against Two Banks Development in October. Pactiv Evergreen was trying to forcefully complete the sale, saying the purchase agreement was legally binding. Spirtas Worldwide and Two Banks Development originally backed away from the sale because of the unprecedented flooding brought by Hurricane Helene on Sept. 27.

The final sale of the mill was announced in a news release from Eric Spirtas, owner and president of Spirtas Worldwide. The release noted that the company has been “diligently working over the past seven months to formalize and complete this complex transaction.”

"Our 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," said Spirtas. "We are committed to collaborating with local, regional, and national experts to develop a master plan that reflects the best ideas and concepts for sustainable growth."

The mill was established in 1908 by the Champion Fibre Company and has been a beacon to the Canton community ever since. The mill was crucial to the town’s economic development and employment until it closed in May 2023. Over its 115-year run, the mill changed ownership several times. This includes Champion International Corporation, Blue Ridge Paper Products, and Evergreen Packaging, before becoming part of Pactiv Evergreen.

In March 2023, Pactiv Evergreen announced the final closure of the mill. The closure left over 1,000 residents jobless and struggling to figure out where to go next.

"We understand the deep connection the people of Canton have with this site, and we are committed to honoring that legacy while fostering new opportunities for growth and prosperity," added Spirtas.