Shrimp industry to have $48 million impact on southwest Minnesota
Balaton, Minn. - Ralco released that an economic impact study conducted by the University of Minnesota (U of M) projects the construction for just one trū® Shrimp Harbor, a shrimp production facility, would generate over $48 million in economic activity in the southwest Minnesota region including Cottonwood, Lyon, Murray, Nobles, Rock and Redwood counties.
Construction of the nine-acre facility would result in $14.5 million of labor income and support an estimated 330 jobs. Once the Harbor is constructed it will continue to generate an estimated $23 million annually in economic activity and provide employment directly and indirectly for 124 people.
“The University of Minnesota confirmed that the integrated model and scale will have a dramatic impact on the communities in which a trū® Shrimp Harbor is built,” said trū® Shrimp President and CEO Michael Ziebell. “The construction of a Harbor will be a boom to local communities, and it will also mean good quality and well paid jobs for the long term. The people who work in a Harbor are going to be technically qualified and trained. Also, the economic impact doesn’t consider feed commodities required for a Harbor including corn, soybeans and hard red wheat. trū® Shrimp is creating more than economic ripples, it is an economic tsunami.”
trū® Shrimp is making all preparations to begin Harbor construction in the spring of 2018. The first fully integrated shrimp company also plans to construct two shrimp hatcheries which will provide enough young shrimp to continuously stock as many as three Harbors. The production of one Harbor is forecasted to exceed 50% of the current U.S. shrimp aquaculture production. In addition to a Harbor, trū® Shrimp is looking to Marshall and Lyon county for the processing facility, distribution sales & marketing, and hatchery.
Ziebell said trū® Shrimp is an opportunity for people from the Midwest to invest in the Midwest.
“We are building the trū® Shrimp company on the idea that the people of the upper Midwest are the first to invest in a Harbor and the trū® Shrimp company. We are not going to the coasts or Wall Street for investment money, but invite the agriculture community of the upper Midwest to invest here and allow that money to grow and provide a return to everybody,” Ziebell said.
The U of M has been further commissioned to create additional economic impact studies for all the infrastructure the trū® Shrimp company requires for operation including a genetics center, two hatcheries and processing facilities.
trū® Shrimp is a brand of Ralco, a third-generation family owned multinational company with distribution in more than 20 countries. Ralco is a leading global supplier of livestock nutrition, animal health products and crop enhancement technologies that support large segments of the livestock, poultry, aquaculture, and crop production industries.