Port Metro Vancouver Approves Richardson Terminal Expansion

WINNIPEG, Manitoba, April 15, 2013 (GLOBE NEWSWIRE) -- Richardson International Limited is pleased to announce that it has received a project permit from Port Metro Vancouver to build an additional 80,000-metric-tonne concrete grain storage annex at its port terminal facility in North Vancouver. Richardson plans to begin construction immediately.

"We are very pleased to move forward with this project as we see it as key to meeting growing demand from global markets," said Darwin Sobkow, Executive Vice-President, Agribusiness Operations. "This expansion will allow us to serve both our farm customers and international buyers more effectively by increasing capacity to move Canadian grains and oilseeds to rapidly emerging markets in Asia-Pacific and around the world."

Richardson's Vancouver terminal has been operating at maximum capacity for several years, handling in excess of 3 million metric tonnes (MMT) of grains and oilseeds annually. This $120 million expansion will increase total storage capacity to 178,000 metric tonnes, which will allow Richardson to handle over 5 MMT of grains and oilseeds a year through its Vancouver terminal.   

"This is a significant investment in our business and the biggest investment in the Port of Vancouver in more than 20 years," said Curt Vossen, President and CEO of Richardson International. "Through this project, we are creating jobs, supporting Port Metro Vancouver's vision to grow the port and ultimately helping to increase Canadian trade by remaining competitive and ensuring continued access to global markets for Prairie farmers."

Richardson's expansion will create hundreds of jobs throughout the two-year construction process and will result in the creation of approximately 40 to 50 additional permanent positions at the port terminal facility. Construction is expected to be complete in 2015.

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 1,800 employees across Canada and is a worldwide handler and merchandiser of all major Canadian-grown grains and oilseeds and a vertically-integrated processor and manufacturer of canola-based products. Richardson is one of Canada's Best Managed Companies and is recognized as a global leader in agriculture and food processing.