October 3, 2011 (Winnipeg, MB)
Richardson International Limited has purchased Innovative Foods Corporation, a margarine and shortening manufacturing business with plants in Mississauga, Ontario and Sussex, New Brunswick, effective October 1, 2011.
“At Richardson, we are dedicated to developing innovative new canola-based food products for today’s health-conscious consumers,” says John Haen, Vice President, Richardson Nutrition. “The purchase of Innovative Foods allows us to continue to grow our business in the retail, food service and industrial markets.”
With the purchase of Innovative Foods, Richardson is the only Canadian company with manufacturing plants in Eastern and Western Canada that produce both margarine and shortening. Richardson will employ approximately 60 employees who worked for Innovative Foods.
“Richardson is recognized as a leader in developing innovative new non-hydrogenated ingredient solutions for food manufacturers,” says Haen. “The acquisition of Innovative Foods will allow us to better service our customers in both Eastern and Western Canada as well as U.S. markets.”
Over the last 18 months, Richardson has made a significant investment in research and development to develop new canola-based oil, margarine and shortening products. Earlier this year, Richardson Nutrition announced a $15 million expansion to enhance its canola packaging facility in Lethbridge, Alberta to meet increasing customer demand for healthier food products. The company is also adding a $1.5 million research and development laboratory at the facility.
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:
Vice-President, Corporate Affairs and General Counsel