R.J. Reynolds Tobacco Company enters agreement to donate Whitaker Park, certain surrounding buildings to local redevelopment group
WINSTON-SALEM, N.C., Jan. 7, 2015 /PRNewswire/ -- R.J. Reynolds Tobacco Company announced today that it has entered into an agreement to donate a significant portion of the Whitaker Park manufacturing plant and certain surrounding properties to a local redevelopment group, WPDA, Inc. (WPDA). WPDA is a nonprofit corporation created by Winston-Salem Business Inc., the Winston-Salem Alliance and Wake Forest University for economic and redevelopment purposes.
As part of the donation agreement, R.J. Reynolds will donate a laboratory building to WPDA early this year. The Whitaker Park plant and remaining properties within the scope of the donation agreement will be transferred to the group over the next 12 – 24 months, subject to the terms and conditions of the donation agreement.
"We're pleased that a local group has stepped forward and committed resources towards repurposing this great and historic plant and its surrounding properties," said Mark A. Peters, senior vice president and chief financial officer of R.J. Reynolds. "We're confident these properties will play a key role in the economic development and transformational growth of Winston-Salem and the greater Triad region."
The laboratory building donation, which consists of a single 70,000-square-foot building on approximately four acres of land, is being donated first because of its potential for near-term economic development opportunities. The remaining donation will include approximately 120 acres of prime commercial and industrial land, along with buildings totaling approximately 1.7 million square feet.
"This is an incredible gift by R.J. Reynolds to WPDA," said Don Flow, WPDA Board chairman. "Whitaker Park has been such a strong presence in our community for decades and I look forward to working with the WPDA Board to repurpose the property to expand the tax base and create new jobs for the citizens of our community."
Named in honor of John C. Whitaker, a former chairman of R.J. Reynolds, the Whitaker Park manufacturing plant opened in 1961 and initially covered about 14 acres, including 615,295 square feet of floor space. Designed by R.J. Reynolds' engineering department and constructed by employees, it was the world's largest and most modern cigarette plant at the time.
R.J. Reynolds Tobacco Company, an indirect subsidiary of Reynolds American Inc. (NYSE: RAI), is the second-largest tobacco company in the United States. R.J. Reynolds' brands include two of the best-selling cigarettes in the United States: Camel and Pall Mall. These brands, and its other brands, including Winston, Kool, Doral, Salem, Misty and Capri, are manufactured in a variety of styles and marketed in the United States. For more information, visit www.RJRT.com.
SOURCE R.J. Reynolds Tobacco Company
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