Below phrases of the settlement, Richardson will purchase a milling facility in St. Louis that focuses on semolina and durum flour merchandise, storage and crop inputs services located at Tolley, Powers Lake, and Benedict in North Dakota, and a commodity buying and selling workplace in Minneapolis.
“This acquisition is totally aligned with our long-term strategic objectives of diversification, geographic growth, and an elevated presence in meals processing — having gone from canola to oats and now to durum processing,” mentioned Curt Vossen, president and chief govt officer of Richardson Worldwide. “The numerous scale of processing functionality of the Italgrani plant, mixed with origination alternatives and crop inputs retail services, all included on this transaction, will additional improve the providers we will supply to our producer clients, each in Canada and the US.”
James Meyer, president of Italgrani USA, mentioned the corporate appears ahead to increasing its enterprise footprint following its acquisition by Richardson.
“Our two corporations are nicely aligned in that we’re each centered on customer support, revolutionary options, and being good stewards of sources,” he mentioned.
Ruggero Benedini, CEO of Progretto Grano, a majority shareholder of Italgrani USA, added, “We want to congratulate Richardson on this profitable transaction. We’re assured that Richardson will perceive and nurture the distinctive tradition and enterprise qualities that made Italgrani so profitable through the years and can contribute to the additional development of the enterprise. We additionally need to particularly thank James Meyer, Lisa Rucker (treasurer, Italgrani USA), the remainder of the administration staff, and the staff of Italgrani USA for the wonderful outcomes achieved during the last fifteen years. We recognize their help all through the method, in addition to the advisory staff concerned in getting the deal easily throughout the end line.”
Italian-family-founded and -owned, Italgrani started its US operations, Italgrani USA, in 1979 with a small workplace in Minneapolis. Shortly thereafter, the corporate bought a grain elevator in St. Louis and, in 1987, constructed a durum wheat mill alongside it. The corporate added grain buying and selling and brokerage providers in 1988, buying Mayco Export, Inc. Shortly thereafter, in 1989, Italgrani started buying grain elevator operations in North Dakota, a transfer the corporate mentioned allowed it to seamlessly combine its grain sourcing and milling operations with its native farmer clients. Immediately, Italgrani operates 4 grain storage services with complete licensed grain storage capability of 6,880,000 bus, based on the 2021 Grain & Milling Annual revealed by Sosland Publishing Co. The corporate’s St. Louis durum mill has durum capability of 28,000 cwts and general storage capability of four million bus, based on the Grain & Milling Annual.
Based on the Grain & Milling Annual, Richardson has 71 grain storage services with a complete licensed storage capability of 95.7 million tonnes.
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