February 22, 2011 (Winnipeg, MB)
Richardson International Limited (“Richardson”) has entered into an agreement to purchase the North East Terminal grain handling facility in Wadena, Saskatchewan, along with the crop input facilities at Wadena, Kelvington, Foam Lake and Ponass Lake, Saskatchewan. The agreement is subject to shareholder approval on April 6, 2011 and is expected to close on April 13, 2011.
“We are extremely pleased with this opportunity and the fact that North East Terminal chose Richardson to complete this transaction. We look forward to investing in this facility and adding it to our Richardson Pioneer network of elevators and crop input facilities across Western Canada,” says Curt Vossen, President of Richardson International. “It is a great fit with our existing business. The acquisition will allow us to provide greater service to our customers in northeastern Saskatchewan. It will also support our export sales program and our new canola processing plant in Yorkton.”
Upon successful completion of the sale, Richardson plans to invest an additional $3 million to upgrade and enhance the grain handling and crop input facilities with an aim to improving safety, increasing efficiencies and better serve customers. The current staff at North East Terminal will also be offered the opportunity to join the Richardson team, allowing customers to continue to deal with the same people at the facility.
“Richardson is a solid company, a well-established player in the agriculture industry and a strong supporter of the communities in which it does business,” says Garnet Ferguson, General Manager of North East Terminal Ltd. “We are confident that Richardson will ensure continued success for North East Terminal and our producers.”
Richardson International is Canada’s largest, privately owned agribusiness and has served farmers across the country for more than 150 years. Based in Winnipeg, Richardson has over 1,600 employees across Canada and is a worldwide handler and merchandiser of all major Canadian-grown grains and oilseeds. Richardson is one of Canada’s 50 Best Managed Companies and is recognized as a global leader in agriculture and food processing.
For more information, please contact:
Director, Corporate Communications