Canada’s second-biggest grain handler has expanded its stake in the margarine business eastward, buying a processor with facilities in Ontario and New Brunswick.
Winnipeg-based Richardson International on Monday announced a deal effective Oct. 1 to buy Innovative Foods, which makes margarine and shortenings at Mississauga, Ont. and Sussex, N.B.
This sale — the financial terms of which weren’t disclosed Monday — makes the company’s Richardson Nutrition arm “the only Canadian company with manufacturing plants in Eastern and Western Canada that produce both margarine and shortening,” the buyer said in a release.
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“The purchase of Innovative Foods allows us to continue to grow our business in the retail, food service and industrial markets,” Richardson Nutrition vice-president John Haen said in the release Monday.
“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.”
Richardson said it will employ about 60 staff who worked for Innovative Foods and produced Chefmaster brand margarine for the retail and foodservice sectors.
Richardson’s own brands include Canola Harvest margarine and canola oil and a number of sprays, oils and shortenings for the industrial baking and foodservice sectors.
