The trū Shrimp Company announced today it has signed a letter of intent to locate its first $50+ million shrimp production facility, “Luverne Bay Harbor” in Luverne, Minnesota.
trū Shrimp has also issued a letter of intent to locate the first shrimp hatchery, “Marshall Cove Hatchery” in Marshall, Minnesota.
The company will also renovate a vacant USDA-approved processing facility in Marshall to prepare more than 8,000,000 lbs. of shrimp estimated to be produced by a single Harbor annually.
Finally, the company announced that construction of a training facility will begin this summer, “Balaton Bay Reef” in Balaton. This facility, adjacent to the trū Shrimp Innovation Center and Laboratory, will be used to train personnel to work in the shrimp production Harbors.
Construction of the training facility, hatchery and renovation of the processing facility is scheduled to begin yet this year. Groundbreaking for the Harbor is scheduled for early 2018. President and CEO of the trū Shrimp Company Michael Ziebell said construction of the facilities in both Marshall and Luverne are a major step toward developing a large-scale shrimp aquaculture industry in the state of Minnesota.
“What is happening in Minnesota has not been done anywhere in the world. We are creating an industry that will supply the world with safe, clean, and abundant shrimp. There are 1.6 billion lbs. of shrimp consumed annually in the U.S. and 80% of it is imported largely from Southeast Asia. The facilities in Marshall and Luverne will produce the most natural shrimp possible using a sustainable, antibiotic-free, and environmentally responsible approach,” Ziebell said. “We are often asked why raise shrimp in Minnesota, and the answer is because the feed is here. Economically and environmentally it makes much more sense to raise shrimp near their food source than to ship feed to shrimp raised in coastal ponds thousands of miles from the U.S. market. Until now, the technology to effectively raise shrimp in the Midwest United States on a large scale did not exist; now it does and we have proven it.”
An economic impact study conducted by the University of Minnesota (U of M) indicates that construction and operation of the facilities in Marshall and Luverne will provide a major economic boost to the region. The study projects the construction of a single Harbor would generate over $48 million in economic contribution. Construction of the bio-secure facility would result in $14.5 million of labor income and support an estimated 330 jobs. Once the nine-acre structure is built it will continue to generate an estimated $23 million annually in economic activity and provide employment directly and indirectly for 124 people.
“This is a tremendous economic boon for Luverne and southwest Minnesota. The construction of this Harbor is like the economic development created in Luverne by Mid-Pack during the 1960s,” Luverne Mayor Pat Baustian said. “It’s also going to benefit the larger rural community. I was raised on a farm, my brother farms and I have a lot of friends who are farmers and we are an agribusiness community. The shrimp are fed primarily soybeans, corn and hard red wheat, which positively affects the bottom line of every farmer in Minnesota. Anytime we can help our local farmers is a plus for Main Street Luverne. When our farmers do well, the whole region does well.”
Marshall and Balaton will serve as the hub of an advanced shrimp aquaculture industry where shrimp breeding and processing will take place. Sites in Minnesota for additional Harbors have been identified. Marshall Economic Development Authority Director Cal Brink said becoming the center of a new industry will generate additional high-skilled jobs in Marshall now and well into the future.
“As trū Shrimp continues to grow and develop, Marshall will also grow. It’s a rare opportunity to become the center of a new source of protein production. Immediate construction of the shrimp hatchery and renovation of an existing processing facility is a significant economic driver for Marshall,” Brink said.
Several states were vying for the establishment of trū Shrimp headquarters and Harbors. Minnesota State Senator Bill Weber and Representative Chris Swedzinski were strong proponents for the development of a shrimp aquaculture industry in Minnesota.
“The development of a robust shrimp aquaculture industry in Minnesota is important for all of its citizens. Harbors can be built throughout the state,” Sen. Weber said. “The shrimp feed will be made from grains grown in Minnesota, which is good for all farmers in the state.”
Shrimp production is not just about protein; there is an important biomedical compound called chitosan that is created from shrimp shells. trū Shrimp will be able to provide the medical industry with a dependable raw material supply.
“An often-overlooked segment of this industry is the chitosan made from the molts (shells) of shrimp that can be used for many purposes including biomedical applications. Yes, there will be initial positive economic benefits for southwest Minnesota; however, chitosan presents additional benefits throughout the state including urban regions,” said Rep. Swedzinski.
The trū Shrimp Company is an affiliate of Ralco, a third-generation family owned multinational company with distribution in more than 20 countries. Ralco supports large segments of the livestock, poultry, aquaculture and crop industries. The trū Shrimp Company strives to supply the world with safe, natural and abundant shrimp.
For more information about Ralco contact:
330 3rd Street
Balaton, MN 56115