Richardson expands in U.S. with pasta deal
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Richardson International Ltd., a mammoth food processing business, has completed a US$375 million deal that expands its United States footprint.
The Winnipeg-based company announced Monday it had acquired pasta operations of 8th Avenue Food & Provisions Inc., a branch of Missouri-based Post Holdings, Inc.
Richardson International now owns pasta manufacturing sites in Carrington, N.D., New Hope, Minn., and Winchester, Va. It also gained a durum mill in Carrington through the deal.
The 168-year-old company added pasta brand Ronzoni to its portfolio. More than 500 employees from 8th Avenue Food & Provisions are being transferred under the Richardson umbrella.
Post Holdings and Richardson announced the deal in August. Richardson was set to pay US$375 million in cash and assume roughly US$80 million in leaseback financial liabilities, a news release from Post Holdings said at the time.
— Free Press staff