Richardson International Ltd. announced that it has reached an agreement with Conagra Brands Inc. to purchase of Wesson, a leading U.S. retail brand of canola and vegetable cooking oils.

Wesson has been a preferred choice in American homes for cooking and baking applications for more than a century, according to the announcement. Creative marketing campaigns firmly established the brand as a common household name for the health-conscious and discerning consumer. Richardson said it will reinvigorate the brand to engage customers while continuing to live up to their promise of “Bringing Quality Ingredients to the Table.”

Already recognized as a vertically integrated leader in canola processing, the acquisition reinforces Richardson’s growth strategy for its food business, the company said.

“The rich history of both our company and the Wesson brand makes this an exciting acquisition for us,” Richardson president and chief executive officer Curt Vossen said. “We believe that consumers will continue to seek out high-quality foods, and aligning with the Wesson brand expands our ability to meet that consumer desire.”

Richardson is also set to acquire the Wesson production facility located in Memphis, Tenn., a 280,000 sq. ft. manufacturing plant that the company said will complement its food and ingredients division.

“We are excited about expanding into this geography and look forward to investing in the future of this plant, the employees, and the community,” Vossen added.

Richardson is committed to product innovation. Vossen stated that its recent $30 million investment "to build an innovation center focused on product development will provide a modern platform for testing solutions and exploring new ideas, creating the perfect match to develop truly innovative products to meet and exceed consumer expectations.”

Richardson said it has an established precedent for strategic acquisitions and thoughtful investment. With plans to invest in the Memphis facility, Richardson added that it is committed to a continued U.S. presence for marketing, manufacturing and distribution of Wesson products.

The agreement is subject to the usual closing conditions, including regulatory approval. The transaction is expected to be finalized in the first quarter of 2019.