Winnipeg, MB (CNW) — Richardson International Limited subsidiary, Richardson Oilseed (U.S.) Holdings Limited, has successfully closed on an agreement to purchase Italgrani USA Inc., the single largest North American durum miller.
The transaction was completed on schedule and as planned, satisfying all regulatory and closing requirements.
As part of the agreement, Richardson has acquired the following:
A team of more than 100 employees will join the broader Richardson network.
Italgrani USA President James Meyer says the acquisition is an important milestone for the company.
"Our team is excited about the completion of this transaction and looks forward to joining the Richardson group of companies," Meyer says.
"We are confident that new opportunities will drive further innovation and growth in Italgrani's business."
"We are excited to further diversify our processing operations — building on the success of both our value-added canola crushing and oat milling businesses — and expand our grain origination capabilities in a new marketplace," adds Curt Vossen, President and CEO, Richardson International.
"The U.S. is a natural fit for Richardson's long-term growth strategy, and we are proud of our history investing in and supporting the communities where our customers and employees live and work.
"We will continue in this tradition as we welcome all new employees into the fold."
The acquisition follows a series of investment announcements from Richardson earlier this year, including the doubling of its Yorkton oilseed processing plant along with grain handling and milling facility expansion projects across Western Canada and abroad.
In recent years, the Italgrani milling facility underwent a significant expansion to improve efficiencies and increase capacity by over 40%.
Richardson will continue to look for opportunities to inject further capital into all newly acquired assets.