The spokesperson said over the next few months, Spirtas will conduct additional due diligence as it decides on and maps out its long-term redevelopment plans.

Spirtas Worldwide is a demolition, environmental remediation and asset purchase company based in St. Louis, Missouri.

Below is a statement released Wednesday by Pactiv Evergreen:

"Our exclusive letter of intent with Spirtas Worldwide is an important milestone in positioning our former Canton mill site for the future. Over the last year, we undertook a thorough process, working actively with the town of Canton and a number of potential interested parties. With Spirtas' financial resources and significant industrial redevelopment experience, we are confident they are the right partner to invest in Canton for the future. We look forward to working closely with Spirtas in the coming months, as well as the town of Canton and other government officials, to negotiate a sale and ensure a smooth transition."