Winnipeg-based Richardson International Limited has sold Matex Control Chemical brand to private agri-business investment group Harvest Acquisitions, the company announced on March 18.
Richardson was a minority shareholder of Calgary-based Matex (formally known as Control Chemical Corporation) since 1989 before fully acquiring the company in 2021. Matex produces drilling fluids and vegetable oil-based lubricants used in mining and resource extraction processes.
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Richardson supplied Matex with canola oil from its processing plant in Lethbridge, Alta.
Matex also makes specialty polymers, foams, blast hole stabilizers, thread compounds and non-alcohol freeze control fluids.
In a statement, Richardson said the sale more closely aligns with its “farm-to-table value chain” and “sets up Matex for continued success and stability under new ownership.”
“We saw an opportunity to transition Matex to an ownership group that is well positioned to support the business into the future,” said Darrell Sobkow, executive vice-president, processing, food and ingredients at Richardson International.
“Matex has built a strong reputation in its market, and we’re confident it will be in great hands. We thank Matex employees for their dedication throughout this process, and we are committed to working closely with the new owners to support a smooth transition.”
– With files from Dave Bedard
