By Dean Seal
Pactiv Evergreen has agreed to pay $6.25 million in restitution as part of a settlement with North Carolina related to the abrupt closure of a paper mill.
North Carolina's attorney general and governor said Thursday that Pactiv also agreed to stop its legal efforts to get refunded up to $4.5 million in 2023 and 2024 property tax payments on the mill sites and other locations.
In turn, the state's Department of Justice has agreed to conclude litigation seeking to have the packaging company repay millions in grant funds it received from North Carolina's Department of Commerce.
In 2023, Pactiv closed the paper mill it owned in Canton, N.C., which employed more than 800 workers and had been in operation for more than 100 years. Attorney General Jeff Jackson said the company broke its promise to the state and that the settlement helps to rebuild local economies after the mill's closure.
"After a devastating few years, this deal gives the people of Canton funds they desperately need right now," Jackson said.
A representative for Pactiv didn't immediately respond to a request for comment.
Pactiv said in December that it has agreed to be acquired by Novolex, a packaging company backed by Apollo Global Management, for $18 a share. The transaction is expected to close midway through the year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 13, 2025 11:09 ET (16:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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