Pactiv Evergreen plant management sold stock just before mill closure news, filings show

HAYWOOD COUNTY, N.C. (WLOS) — Mountain residents are continuing to grapple with the news of Pactiv Evergreen's Canton plant closure.

CANTON PAPER MILL TO CLOSE, WORKFORCE REDUCED AT WAYNESVILLE PLANT

Filings Monday, March 6, to the Securities and Exchange Commission show several Pactiv Evergreen management team members sold off stock in advance of the closure announcement.

In total, it amounts to more than 58,000 shares. All executives received $11.30 per share. The sales were made Thursday, March 2, 2023, ahead of the announcement and reporting to the SEC on Monday, March 6, 2023.

CANTON MAYOR: PAPER MILL CLOSING IS LIKE TAKING A PIECE OF TOWN'S SOUL

The stock price dipped after the closure announcement.

The breakdown of the sales is as follows:

• President and CEO Michael King: 45,113 shares for $509,776
• Chief Legal Officer & Sec. Chandra Mitchell: 5,613 shares for $63,426.90
• President of Beverage Merchandising Byron Racki: 4,093 shares for $46,250.90
• Chief Operations Officer Douglas Owensby: 3,969 shares for $44,849