Pactiv Evergreen Inc. (NASDAQ: PTVE), a maker of food service containers, on Monday, March 6, announced it would shutter the carton converting plant in at 7920 Mapleway Drive, along with a mill in Canton, North Carolina, city officials announced on Facebook.
It’s part of a companywide restructuring of the manufacturer’s beverage merchandising operations that will eliminate about 1,300 positions in total.
“As we continue to confront a challenging market environment for our Beverage Merchandising business, we are faced with these difficult decisions that directly impact our employees,” President and CEO Michael King is quoted in a Monday news release. “We assess all changes to the business with considerable thought for our employees, customers, shareholders and communities, and do not take these decisions lightly. We remain committed to doing what’s right, treating everyone with respect, and delivering on all of our commitments to our people, customers, shareholders and the communities where we operate.”
Operations at both locations are expected to stop in the second quarter of the year, officials said.
The city plans to work with the Illinois-based company to help employees transition to new work and to market the property, according to the Facebook post.
“I am committed to bringing new jobs and investment to this industrial property,” said Mayor Patrick Graven. “The city will take action to assist in marketing this property to attract new industry. We will also work with our governmental partners to assist the employees in their transition.”
The share price of Pactiv has fallen more than 11% over the past five days and is now at $9.82.