Richardson International eyes $220M investment in Memphis
After buying Memphis-based Wesson Oil in 2019, family-owned Richardson International Limited – a global leader in agriculture and food processing – plans to invest $220 million in its plant in Midtown Memphis, the Greater Memphis Chamber announced today.
“It’s been an honor to work with Richardson International as well as the local and state officials involved,” said Ben Worrell, Location Advisory Principal at McGuire Sponsel. “This is a complex project with various intricate programs to navigate, but the client team and the local economic development partners have helped make this process as seamless as possible.”
Richardson will retain over 100 jobs and add additional jobs as part of the three-year expansion and modernization project at 1351 Williams Ave., Memphis, TN 38104.
“We are proud of our long legacy of investing in and supporting communities like Memphis,” said Darrell Sobkow, Executive Vice President, Richardson International. “Pending approval of local programs, we look forward to growing our business in Memphis and are committed to the plant, our employees, and maintaining our presence in manufacturing and distribution in the U.S.”
Winnipeg, Manitoba-based Richardson International Limited is Canada’s largest agribusiness and is an international manufacturer of canola and oat-based products. Over the past two decades, Richardson has become a significant player in the global food business, producing a wide variety of food products and ingredients for the retail, food service, and industrial markets, and employing more than 3,100 employees worldwide.
The McGuire Sponsel Credit & Incentives Services team worked with DMA to support their client on this exciting growth project. In partnership with DMA, Economic Development Growth Engine for Memphis & Shelby County (EDGE); the Tennessee Valley Authority; Memphis Light, Gas and Water (MLGW); the City of Memphis; and Shelby County, we helped support the competitive site selection and incentive negotiation and procurement process.
As a Principal for McGuire Sponsel’s Location Advisory practice, Ben Worrell fosters client relationships by guiding clients through the intricate compliance requirements associated with credits and incentives benefits.
Ben builds confidence in the McGuire Sponsel client relationship by working with clients throughout the duration of their project – not just in a one-off transaction.