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United States

Minnesota—Schwan’s Company and The trū Shrimp Company
Enter Into Strategic Partnership

 

On August 14, 2017, trū® Shrimp Company, an affiliate of Ralco, and Schwan’s Company, a leading national USA food business, announced that they had formed a strategic partnership designed to stimulate the development of in-land shrimp farming in the United States.  trū Shrimp is in the process of financing its first $50 million shrimp farm.

 

Schwan’s Company is a multibillion-dollar, privately-owned company with approximately 11,000 employees, based in Marshall, Minnesota (also the hometown of trū Shrimp).  It sells frozen foods through a home delivery service, in grocery stores, by mail and to the food service industry.

 

Other than saying that Schwan’s would get one seat on the board of directors at trū Shrimp, terms of the partnership were not disclosed.

 

Dimitrios Smyrnios, Schwan’s CEO, said, “We have been watching with great interest the concept and the progress that was being made by trū Shrimp.  At Schwan’s, we are intrigued and excited about the possibilities of in-land shrimp production and view this as an excellent opportunity to provide consumers with a predictable and traceable supply of nutritious shrimp.  We are also proud to work with trū Shrimp as it develops its core business in our hometown of Marshall to the benefit of the southwest Minnesota area.”

 

Ralco President and CEO Brian Knochenmus said it is a rare opportunity for two companies with global distribution from southwest Minnesota to share such similar missions and values.  The similarities make the partnership a perfect fit, he said.  “We are eager to be a part of this strategic relationship with Schwan’s Company.  This is our first opportunity to collaborate, and they are a proven company that brings great market insight and capabilities to assist the growth and development of trū Shrimp,” said Knochenmus.  “Schwan’s Company recognizes the potential of what trū Shrimp is doing and the impact it will have not only domestically but also internationally.”

 

An initial point of cooperation for the companies will be the renovation and conversion of a Schwan processing plant into a shrimp processing facility.  trū Shrimp is also working through the details of locating a shrimp hatchery in Marshall.

 

trū Shrimp CEO Michael Ziebell views the agreement as a major step forward for in-land shrimp production in the United States.  “The Schwan’s Company investment completes the capital footing of trū Shrimp and fuels our plans to full speed!  Work is progressing on every aspect leading to the production and marketing of safe and abundant shrimp,” he said.

 

Information: Ryan Wendland (Phone 1-507-337-6819, Email ryan.wendland@ralcagriculture.com).

 

Source: Ralco Agriculture.com.  Schwan’s Company and The trū Shrimp Company Enter Into Strategic Partnership.  August 14, 2017.

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