Canadian agribusiness firm Richardson International announced on 18 December that it had agreed to buy Wesson, Conagra’s US retail brand of canola and vegetable cooking oils.
“Richardson will reinvigorate the brand to engage customers while continuing to live up to its promise of ‘bringing quality ingredients to the table,” the company said in a press release. “Already recognised as a vertically integrated leader in canola processing, this acquisition reinforces Richardson’s growth strategy for its food business.”
Richardson is also set to acquire the Wesson production facility located in Memphis, Tennessee.
“We are excited about expanding into this geography and look forward to investing in the future of this plant, the employees and the community,” said Richardson president and CEO Curt Vossen,
Financial terms of the acquisition were not disclosed and the agreement – subject to regulatory approval – is expected to close in the first quarter of this year.
Richardson is Canada’s largest agribusiness and is a worldwide handler and merchandiser of grains and oilseeds, as well as a vertically integrated processor and manufacturer of oats and canola-based products.
Conagra Brands is one of North America’s leading branded food companies.