Canada’s biggest grain handler, Richardson International Ltd., announces an agreement with Conagra Brands, Inc. for the purchase of Wesson, a U.S. retail brand of canola and vegetable cooking oils.
Already recognized as a vertically integrated leader in canola processing, this acquisition reinforces Richardson’s growth strategy for its food business.
“The rich history of both our company and the Wesson brand makes this an exciting acquisition for us,” says Curt Vossen, Richardson, President and CEO. “We believe that consumers will continue to seek out high quality foods and aligning with the Wesson brand expands our ability to meet that consumer desire.”
Richardson is also set to acquire the Wesson production facility located in Memphis, TN. This 280,000-square foot manufacturing plant will complement Richardson’s food and ingredients division.
“We are excited about expanding into this geography and look forward to investing in the future of this plant, the employees, and the community,” adds Vossen.
Richardson is committed to product innovation. “Our recent $30M investment to build an innovation centre focused on product development will provide a modern platform for testing solutions and exploring new ideas, creating the perfect match to develop truly innovative products to meet and exceed consumer expectations,” stated Vossen.
With plans to invest in the Memphis facility, Richardson is committed to a continued U.S. presence for marketing, manufacturing and distribution of Wesson products.
The agreement is subject to the usual closing conditions, including regulatory approval. The transaction is anticipated to be finalized in the first quarter of 2019.
